Australia's Elders, Australian Agricultural fall on Trump's tariff threats

Shares of agribusiness firm Elders ELD.AX fall as much as 2.4% to A$6.6, their lowest since November 13, 2023

Stocks drop as U.S. President Donald Trump plans to impose a 10% baseline tariff on Australian exports

In his much-awaited reciprocal tariff announcement, Trump singled out Australian beef, the country's largest export to the U.S. totalling $4 billion last year, according to United Nations data

Cattle and beef producer Australian Agricultural Company AAC.AX drops 3.9% to A$1.36, their weakest level since January 22

"They won't take any of our beef ... but we're doing the same thing right now starting at midnight tonight," Trump says

"It sounds like Trump is going to ban imports of Australian beef, but no one can be sure yet as we await more detail," says Jessica Amir, market analyst at trading platform Moomoo

An U.S. ban on Australian beef imports will hurt struggling farmers and among companies, AAC and ELD will likely come under huge pressure, Amir says