Lunch Wrap: It's global carnage as Trump unleashes tariffs

ASX drops heavily as Trump slaps tariffs across the world
US tariffs hit China hardest, Australia faces 10pc levy
Gold hits record highs as markets brace for slowdown

It was, as expected, a tough start for Aussie investors today, with the ASX losing around $40 billion in the opening hours of trade following US President Donald Trump’s long-anticipated tariffs announcement.

The S&P/ASX 200 has since gained some ground back, down by about 1.18% at lunch time AEDT, but it was a sea of red across sectors.

Over in the US last night, both the S&P 500 and Nasdaq crept up by about half a percent, but that was before the tariffs announcement was made.

In post-market trading, US stock futures reversed course after Trump confirmed the imposition of a 10% baseline tariff on all countries exporting to the US.

While that number was lower than some had feared, the bigger concern came from the specific country-targeted tariffs.

China, for example, will now face a hefty 54% tariff, the European Union a 20% levy, and Japan a 24% tariff.

According to experts, US imports from China could be cut by as much as 70% by 2030 – potentially hitting the Chinese economy extremely hard.

Australia, meanwhile, has gotten off relatively lightly, yet will still face the minimum 10% tariff that all countries with low barriers to US exports will face. Trump has singled out the beef industry, leaving many wondering how this will affect local exports.

For us, however, the biggest impact will likely be indirect, particularly the potential slowdown in China’s economic growth.

“But China’s exposure to US trade has been reduced in recent years, which should limit some of the economic impact,” said Betashares’ David Bassanese.

“What’s more, one way or another, Chinese economic growth is likely to hold up.”

Meanwhile, gold, as expected, saw a sharp rally to yet another record high as investors flocked to safe havens. The bullion price hit a record of nearly $US3160 an ounce.

Gold’s appeal as a safe bet has grown, up 20% this year alone.

“Uncertainty is the new certainty and gold hit new record highs,” said Moomoo’s Jessica Amir.

“Seems markets are set for a carnage. And a painful adjustment period is only just beginning with more carnage ahead.”

Back home on the ASX, it was a sea of red with 10 out of 11 sectors getting hammered. Tech and energy led the selloff.

A few large caps have addressed the the new tariffs this morning.

Fisher & Paykel Healthcare (ASX:FPH) was up 0.75% despite flagging that the new US tariffs will bump up costs in the 2026 financial year, which could hurt its margin goals.

Treasury Wine Estates (ASX:TWE) fell 2%, even though the company reassured investors that the new tariffs will have minimal impact, given that only 15% of their wines come from outside the US.

And healthcare giant CSL (ASX:CSL) said its pharmaceutical products aren’t directly affected by the baseline tariff. However, it’s keeping an eye on the broader impact of the new measures, including the 20% tariff on EU imports. CSL’s shares fell 0.1%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for April 3 [intraday]:

Code	Description	Last	%	Volume	MktCap
RGT	Argent Biopharma Ltd	0.215	65%	453,500	$7,705,395
GTR	Gti Energy Ltd	0.003	50%	60,000	$5,997,899
SKN	Skin Elements Ltd	0.003	50%	333,334	$2,150,428
GLN	Galan Lithium Ltd	0.145	38%	20,546,073	$88,200,977
RDS	Redstone Resources	0.004	33%	300,000	$2,776,135
H2G	Greenhy2 Limited	0.014	27%	1,736,659	$6,580,026
CPO	Culpeominerals	0.015	25%	269,076	$2,639,547
CTN	Catalina Resources	0.003	25%	1	$3,032,524
ECT	Env Clean Tech Ltd.	0.003	25%	3,716,091	$7,293,621
CAN	Cann Group Ltd	0.028	22%	7,104,803	$12,715,408
ALY	Alchemy Resource Ltd	0.006	20%	206,792	$5,890,381
CLA	Celsius Resource Ltd	0.006	20%	7,921,084	$14,537,856
DTR	Dateline Resources	0.006	20%	2,235,847	$12,827,843
X2M	X2M Connect Limited	0.021	17%	647,184	$6,810,143
ENV	Enova Mining Limited	0.007	17%	43,633,391	$8,481,005
AHN	Athena Resources	0.004	14%	152,489	$7,011,205
ICE	Icetana Limited	0.018	13%	125,416	$7,010,282
BMM	Bayanminingandmin	0.039	11%	29,489	$3,366,631
PGD	Peregrine Gold	0.245	11%	361,788	$17,482,073
NTD	Ntaw Holdings Ltd	0.250	11%	4,000	$37,734,212
SGI	Stealth Grp Holding	0.795	10%	413,018	$84,263,726
AVE	Avecho Biotech Ltd	0.006	10%	6,176,072	$15,846,485
EM2	Eagle Mountain	0.006	10%	317,610	$5,675,186

Argent Biopharma’s (ASX:RGT) CannEpil has just scored a major win, getting the green light for prescription in Germany. This is a huge step in the company’s push into Europe, giving doctors the go-ahead to prescribe CannEpil to patients with epilepsy, especially those struggling with drug-resistant forms. With around 816,000 people affected by epilepsy in Germany, the demand for new treatments is high, and CannEpil offers a promising option. CannEpil is a cannabinoid-based therapy developed by Argent.

Cann Group (ASX:CAN) has locked in supply deals with 11 Chemist Warehouse stores in Queensland. Under the agreements, Cann will supply its Botanitech medicinal cannabis products when requested by the outlets, in line with scripts under the TGA’s Special Access Scheme and Authorised Prescriber scheme.

X2M Connect (ASX:X2M) has won four new contracts in South Korea worth about $1.7 million, expanding its water digitisation project to 13,625 households in Ulsan, Busan, Incheon, and Gyeongju. The biggest win is in Ulsan, where X2M’s digitising water monitoring for 9,435 households, adding $1.1 million to the tally. This brings X2M’s customer base to 82, with deployments expected to wrap up by December.

Enova Mining’s (ASX:ENV) drilling at its CODA Central project has uncovered impressive high-grade titanium intercepts, including up to 17.5% TiO2 over 4m, and confirmed the continuity of the mineralisation. The project’s scale and potential are looking strong, with all drill holes ending in mineralisation, suggesting it could extend deeper. CODA North is also showing promising results, with high-grade titanium and rare earth mineralisation across broad areas.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for April 3 [intraday]:

Code	Name	Price	% Change	Volume	Market Cap
RAN	Range International	0.002	-33%	123,949	$2,817,871
PIL	Peppermint Inv Ltd	0.003	-25%	314,810	$8,845,917
VEN	Vintage Energy	0.003	-25%	17,770,130	$7,155,687
ADD	Adavale Resource Ltd	0.002	-20%	42,569,864	$5,718,198
BCB	Bowen Coal Limited	0.004	-20%	6,213,168	$53,878,201
CHM	Chimeric Therapeutic	0.004	-20%	2,577,928	$8,100,749
CUL	Cullen Resources	0.004	-20%	64,227	$3,467,009
FNR	Far Northern Res	0.100	-17%	50,000	$4,831,899
ASV	Assetvisonco	0.032	-16%	359,890	$28,095,739
CTT	Cettire	0.675	-15%	4,844,701	$303,084,385
AZI	Altamin Limited	0.024	-14%	24,517	$16,086,081
HIQ	Hitiq Limited	0.030	-14%	1,298,631	$12,829,686
RLL	Rapid Lithium Ltd	0.003	-14%	13,377,294	$4,357,306
SHN	Sunshine Metals Ltd	0.006	-14%	28,951,167	$11,113,514
SRN	Surefire Rescs NL	0.003	-14%	99,999	$8,457,077
THR	Thor Energy PLC	0.012	-14%	6	$9,951,058
W2V	Way2Vatltd	0.006	-14%	1,517,046	$6,538,001
BRX	Belararoxlimited	0.215	-14%	598,767	$35,991,028
SRH	Saferoads Holdings	0.155	-14%	7,590	$7,866,973
REM	Remsensetechnologies	0.051	-14%	244,224	$9,839,805
ATV	Activeportgroupltd	0.013	-13%	100,000	$10,274,656
PVW	PVW Res Ltd	0.013	-13%	7,333	$2,983,572
LOM	Lucapa Diamond Ltd	0.014	-13%	289,734	$7,371,847
VAR	Variscan Mines Ltd	0.007	-13%	1,387,784	$6,262,862

Fashion retailer Cettire (ASX:CTT) tumbled 15% after news of changes to US tariffs on goods from the EU. Around 41% of Cettire’s H1-FY25 sales came from EU-made goods sold in the US, though shipments under US$800 remain tariff-free. The company’s assessing how these tariff shifts might impact its operations, with many luxury brands likely to hike prices in the US to offset the changes. But Cettire said it’s already working on ways to adapt to the new tariff landscape.

IN CASE YOU MISSED IT

Miramar Resources (ASX:M2R) has secured a rig for the upcoming drilling program at its 80%-owned Gidji JV gold project in WA. Drilling is set to commence within the next week, with M2R executive chair Allan Kelly expressing, given soaring gold prices, “the time is right to get back to work at Gidji and uncover its full potential”.

Despite strong headwinds in the lithium space, Argentinian player Galan Lithium (ASX:GLN) has rejected a US$150 million acquisition proposal from Zhejiang Huayou Cobalt Co., and the Renault Group, calling it “opportunistic” and undervaluing the company’s key assets. Galan remains confident it will secure more favourable outcomes through ongoing offtake and financing arrangements for its Hombre Muerto West project.

Bioxyne (ASX:BXN) has appointed leading neurologist and medical cannabis expert, Professor Michael Barnes, to its advisory board to support its UK medicinal cannabis expansion. Barnes, known for his work with GW Pharmaceuticals and advocacy for medical cannabis, will help the company navigate product registration and distribution.

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This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.