Australian shares fell on Wednesday's close, tracking Wall Street markets, after US President Trump defended and announced reciprocal tariffs in his address to Congress.

The S&P/ASX 200 fell 0.7% or 57 points to close at 8,141.1.

The US President defended tariffs in his speech to Congress, claiming they'll boost America's wealth, amidst an economic slowdown caused by global uncertainties, Bloomberg reported.

On the domestic front, The Australian gross domestic product grew 0.6% quarter on quarter in the three months to December 2024, on a seasonally adjusted, chain volume basis, following a 0.3% expansion in the preceding three-month period, data from the Australian Bureau of Statistics showed.

Growth in Australia's services sector activity slowed in February, with foreign sales rising at a weaker rate, according to a survey by S&P Global.

The Reserve Bank of Australia (RBA) defended its decision to cut the official cash rate at its February meeting while saying that it is still too early to declare victory over inflation.

In company news, WiseTech Global (ASX:WTC) said it expects to appoint additional independent directors which will allow it to be compliant with the Australian Securities Exchange's listing rules again before it considers the full-year financial statements.

Mineral Resources (ASX:MIN) said it has a covenant-light capital structure and significant liquidity, as well as a clear path to deleverage the balance sheet through earnings growth after Fitch Ratings downgraded its credit rating to BB- from BB, with a negative outlook. Shares of the mining firm fell 3% at market close.

Lastly, Rio Tinto Group (ASX:RIO) said it will allow Australian shareholders to vote on a resolution seeking an independent review of the mining giant's dual-listing structure at the company's annual general meeting on May 1, according to an amendment notice filed on the Australian bourse.