New Zealand shares fell further Tuesday, tracking losses on Wall Street amid signs that the ongoing tariff war will not end anytime soon.

The S&P/NZX 50 Index declined 1.8%, or 224.45 points, to close at 12,307.27.

Health services led the decline, driven by a nearly 29% slump in Ryman Healthcare's (NZE:RYM) shares. The company closed at a 52-week low after returning from a trading halt in the wake of its placement and institutional entitlement offer.

In Asia, Japan's Nikkei 225 fell 1.1%, Hong Kong's Hang Seng lost 0.6%, and the Shanghai SSE was little changed. Wall Street was mostly lower overnight, with the Nasdaq Composite and the S&P 500 down 1.2% and 0.5%, respectively. The Dow Jones Industrial Average was flat.

US President Donald Trump said tariffs on Canada and Mexico "are going forward, on schedule" after a brief suspension, The Associated Press reported Tuesday. His remarks come after last week's plans to bar China from investing in certain US industries, including technology and critical infrastructure.

In domestic news, New Zealanders' housing confidence remained positive in the three months to January, but momentum slowed in signs of mixed sentiment over the coming months, according to a survey by ASB Bank.

In other corporate news, Marsden Maritime Holdings (NZE:MMH) finished 61% higher after reaching a 52-week high earlier in the day in the wake of a takeover offer from a consortium made up of the Port of Tauranga, Northland Regional Council, and Ngapuhi Investment Fund.

Mercury NZ (NZE:MCY, ASX:MCY) lost 5% after it reported a fiscal first-half loss per diluted share of NZ$0.048, compared with earnings of NZ$0.125 per diluted share a year earlier.

Australian Foundation Investment (ASX:AFI, NZE:AFI) reported half-year earnings of AU$0.1229 per share, up from AU$0.1205 per diluted share a year earlier. Shares were down marginally at market close.