Australian shares fell on Tuesday's close as US President Trump confirmed tariffs on Canada and Mexico were "on time," and investor sentiment further soured after he urged limits on Chinese spending in key US sectors.

The S&P/ASX 200 Index fell 0.7% or 56.3 points to close at 8,251.9.

Market uncertainty leaves Asian investors unsure whether Trump's decision will spur inflation or slow growth, Bloomberg reported.

Trump's administration is also tightening semiconductor curbs and urging allies to restrict China's chip industry, the report said.

On the domestic front, Australian consumer confidence strengthened last week to mark its highest level since May 2022 as households cheered the Reserve Bank's first rate cut since the pandemic, according to a survey by ANZ Research and Roy Morgan Research.

In company news, Domino's Pizza Enterprises (ASX:DMP) reported a loss per diluted share in the fiscal first half of AU$0.242, compared with earnings of AU$0.648 per diluted share a year earlier. Shares of the company fell 10% at market close.

Nine Entertainment (ASX:NEC) said it expects further restructuring in the fiscal second half and fiscal year 2026, as it continues its strategic and cultural transformation. Shares of the company rose past 4% at market close.

Woodside Energy (ASX:WDS) reported that its earnings per diluted share in 2024 rose to $1.869 from $0.869 per diluted share a year earlier. Shares of the company rose 3% at market close.