Australian shares fell on Tuesday's close as President-elect Donald Trump said he would impose tariffs on imports from Canada, Mexico, and China on his first day in office.

The S&P/ASX 200 Index fell 0.7%, or 58.2 points to close at 8,359.4.

Trump said that he would impose 25% tariffs on all imports from Canada and Mexico with an "additional 10% tariffs, above any additional tariffs" on imports from China, Reuters reported.

Share markets in Asia fell on the promise, Reuters added.

On the domestic front, Australian consumer confidence eased in the third week of November, with households feeling less confident about both the financial and economic outlook.

In corporate news, ASX (ASX:ASX) said it plans to implement the second phase of its Clearing House Electronic Subregister System (CHESS) replacement project by 2029, with estimated costs of between AU$270 million and AU$320 million. ASX shares fell past 4% at market close.

Brickworks (ASX:BKW) said it is experiencing subdued building activity across Australia and North America. The company implemented temporary plant shutdowns, which reduced efficiency and increased manufacturing costs, leading to a decline in EBITDA margin.

Battery technology company Novonix (ASX:NVX) is set to raise about AU$44.4 million via the placement of up to 86.8 million shares priced at AU$0.60 a piece.