Local shares and the currency have both plunged after US President Donald Trump fired the first shot in what promises to be a trade war that could batter the global economy.
The benchmark S&P/ASX200 index suffered its worst loss in four months on Monday, dropping 152.9 points, or 1.79 per cent, to a two-week low of 8,379.4.
The broader All Ordinaries fell 161.3 points, or 1.84 per cent, to 8,628.4.
The Australian dollar meanwhile fell under 61 US cents for the first time since early in the COVID-19 pandemic, dropping as low as 60.88 US cents.
By late Monday afternoon it was back over that level but still down sharply, buying 61.22 US cents, from 62.25 US cents at Friday’s ASX close.
Source: AAP
