Australian dollar plunges, ASX drops as fears of trade war spread over Donald Trump’s tariffs

Australian dollar plunges, ASX drops as fears of trade war spread over Donald Trump’s tariffs

Traders even cashed out of gold, a historical safe haven, in push to protect against what could turn into wave of margin calls

The Australian dollar plunged to pandemic-era lows, the ASX fell and crypto prices were smashed as investors scrambled on Monday to prepare for a global trade war sparked by Donald Trump’s new tariff regime.

Traders even cashed out of gold, a historical safe haven, in a push to raise cash reserves to protect against what could turn into a wave of margin calls.

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