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The Guardian - AU
The Guardian - AU
National
Jonathan Barrett

Australian dollar plunges, ASX drops as fears of trade war spread over Donald Trump’s tariffs

Donald Trump United States Australian Dollar Australia
Australian $1 coins
The Australian dollar has dropped below 61 US cents, a level not seen since March 2020 during a pandemic-led market crash, as the ASX also fell. Photograph: Joel Carrett/AAP

The Australian dollar plunged to pandemic-era lows, the ASX fell and crypto prices were smashed as investors scrambled on Monday to prepare for a global trade war sparked by Donald Trump’s new tariff regime.

Traders even cashed out of gold, a historical safe haven, in a push to raise cash reserves to protect against what could turn into a wave of margin calls.

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