Australian equities are poised to open lower on Wednesday after US stocks finished lower as the Trump administration's tariffs against Mexico and Canada took effect.
Canada and China have already announced their retaliatory tariffs, and Mexico is scheduled to announce its reaction to US tariffs on Sunday.
The Nasdaq Composite slid 0.4%, the S&P 500 closed down over 1%, and the Dow Jones Industrial Average lost almost 2%.
In other news, the Reserve Bank of Australia and Bank Indonesia renewed their bilateral currency swap arrangement for five years.
Investors will be looking forward to gross domestic product data at 11:30 am Sydney time.
In corporate news, Mineral Resources (ASX:MIN) said UBS Group has become a substantial shareholder with a voting power of 5.78%.
Commonwealth Bank of Australia (ASX:CBA) is integrating a second authentication feature into its app as part of efforts to prevent cybercrime
Australia's benchmark index fell 0.6% Tuesday to close at 8,198.10.
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