The Australian stock exchange (ASX) experienced a downturn following the implementation of U.S. President Donald Trump’s tariffs on steel and aluminium imports, with no exemptions granted for Australia. The tariffs, set at 25% for steel and an unspecified amount for aluminum, have triggered concerns about the potential impact on Australian exporters and the broader economy. As a result of this market uncertainty, investors have begun to move into safe haven assets, pushing the price of gold higher.
Concurrently, the market sell-off has affected even established biotech companies. Simultaneously, resources companies are reporting new findings. QMines is reporting increased confidence at Develin Creek after increases to copper, silver, gold and zinc resources. Mount Hope Mining is zeroing in on new copper targets, and Arika has reported hitting shallow gold. Meteoric Resources also reported that the Tier 1 status of its Caldeira rare earths project in Brazil has been reinforced due to a resource upgrade.
