In afternoon trade the S&P/ASX 200 index is on course to start the week with a heavy decline after President Trump announced US$525 billion of tariffs on Chinese goods. At the time of writing the benchmark index is down just under 1% to 6,275.1 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Bellamy's Australia Ltd (ASX: BAL) share price is down 5% to $9.91 after President Trump announced new tariffs on Chinese goods. Investors may be concerned that Australian exporters could be impacted if China retaliates. In addition to this, this morning Bubs Australia Ltd (ASX: BUB) announced that it is branching out into organic milk infant formula. This could lead to increased competition for Bellamy's.
The CIMIC Group Ltd (ASX: CIM) share price has crashed 7% lower to $46.42 after being the latest ASX share to be targeted by an overseas short seller. Hong Kong-based GMT Research has taken aim at CIMIC by alleging that it inflated its profits and disguised its poor performance by engineering its accounts in order to boost its share price.
The Retail Food Group Limited (ASX: RFG) share price has tumbled almost 7% lower to 21 cents after the embattled food and beverage company admitted to extending use-by dates on certain products. However, the company stressed that this was only done "following written approval from the supplier and with consumer safety top of mind." Despite this, investors have been quick to sell its shares again, possibly fearing that this negative news will impact franchise sales further.
The WiseTech Global Ltd (ASX: WTC) share price has dropped 5% to $22.00. A number of tech shares have fallen heavily today after President Trump's trade tariff announcement. This has led to the S&P/ASX 200 Info Tech index falling a sizeable 1.75% this afternoon.
