Australian shares are headed for a sharp fall in early trade after US President Donald Trump decided to impose tariffs on metal imports from Brazil and Argentina.AUD: 68.2 US cents, 52.68 British pence, 61.54 euro cents, 74.32 Japanese yen, $NZ1.05Europe: FTSE 100 -0.8pc at 7,286, DAX -2.1pc at 12,965, CAC -2pc at 5,788, Euro Stoxx 50 -2.1pc at 3,627
This was due to some upbeat economic data from Beijing showing a surprise rebound in Chinese manufacturing activity. However, he accused them, on Monday , of"presiding over a massive devaluation of their currencies" and harming US farmers in the process. "Given Brazil was seen as a close friend of Trump and even they could not be exempt from tariffs, there is a notion that every country regardless of what they do could have tariffs imposed, which creates a lot of uncertainty of businesses," said NAB's director of economics Tapas Strickland.
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