Utilities and energy stocks both plunged past 3% at midday Tuesday, as all sectors of the ASX traded in the red.

US President Donald Trump confirmed that 25% tariffs on goods from Mexico and Canada and a 10% duty for Canadian energy will take effect from Tuesday, sending US stocks tumbling, Reuters reported.

Oil prices fell about 2% to a 12-week low on Monday following reports that the Organization of the Petroleum Exporting Countries and allies like Russia will proceed with a planned oil output increase in April, according to another report.

Contact Energy (ASX:CEN, NZE:CEN) received notice that Blackrock Advisors and its affiliated entities became substantial holders of the mining firm as of Feb. 28, after the capital management firm and its affiliates acquired 51.1 million shares in the company, representing 6.4% total voting power.