Australian shares closed the week lower, as Trump raised tariffs on China.
The S&P/ASX 200 Index fell 0.82% or 63.1 points to close at 7,646.5.
President Trump raised tariffs on China to 125%, triggering a global market sell-off as investors sought safe havens amid fears of retaliatory action from Beijing, Bloomberg reported.
"The Trump administration's stance has evolved from an all-out trade war against everyone to a concentrated trade war against China," said Nicolas Oudin of Gavekal Research.
On the domestic front, Australia's financial system is "strong and well placed to absorb shocks from abroad," Reserve Bank Governor Michele Bullock said in a speech in Melbourne.
In company news, Monash IVF Group (ASX:MVF) confirmed that an embryo was mistakenly implanted into the wrong patient at its Brisbane clinic, resulting in the birth of a child. Shares of the company fell 36% at market close.
Dexus (ASX:DXS) lost its appeal against Macquarie Group's Macquarie Retail's pre-emption rights to acquire the company's full stake in Macquarie Shopping Center. Shares of the company fell 2% at market close.
Lastly, Woolworths Group (ASX:WOW) confirmed changes to its store operating model across its New Zealand stores, where team members will collaborate on tasks rather than working separately in departments.
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