Australian shares pare early losses after Trump dump

Eight of 11 sectors were weaker into the close, with energy stocks, IT, real estate and materials stocks each shedding 1.9 per cent or more. The defensive consumer staples sector managed a 1.1 per cent gain.

The top-200 tanked as much as 2.1 per cent in early trading, the equivalent of almost $50 billion, after worse-than-expected US tariff announcement sparked a broad sell-off.

The Australian dollar was slightly lower against the greenback, buying 62.72 US cents, down from 62.94 US cents at 5pm on Wednesday.