The sharemarket plunged into the red on Tuesday after US President Donald Trump’s reassurance that tariffs on Mexico and Canada would go ahead weighed on sentiment.

The S&P/ASX 200 slipped 0.5 per cent, or 43.1 points, to 8265.10 at 2pm, reversing its small gain in the prior session. The All Ordinaries Index also slipped 0.6 per cent. Eight of the main index’s 11 sectors were lower, with losses led by consumer discretionary.

Trump’s statement that tariffs on Mexico and Canada were to go ahead next month weighed on markets Tuesday, further igniting fears over global trade tensions. It came after the US president told a government committee to curb Chinese spending on technology, energy and other key American sectors. A fall in US shares also hurt sentiment, with Nvidia plunging 3 per cent.

“So far shares have been relatively resilient, but uncertainties are mounting, particularly around Trump’s policies on tariffs and spending cuts,” AMP chief economist Shane Oliver said.

Losses were broad on the ASX, with most sectors in the red by a fraction. Among consumer discretionary names, Wesfarmers retreated 3.3 per cent after it traded ex-dividend. Domino’s Pizza slid 12.8 per cent after heavy restructuring costs caused the fast food retailer to swing to a loss.

Profit-taking hit the banks following a short rally on Monday. Commonwealth Bank and NAB fell 1.4 per cent.

Commodity and metal prices were broadly flat as traders watched the reaction to tariffs, Nvidia’s results and the impact of new sanctions on Iranian oil.

Stocks on the move

In corporate news, Woodside Energy lifted 2.3 per cent after the company more than doubled its net profit for the full year while underlying profit slid 13 per cent due to lower oil and gas prices.

Johns Lyng Group posted the biggest drop, tumbling 33.6 per cent after the company downgraded its 2025 earnings guidance.

Viva Energy crashed 25.4 per cent, tracking a 20 per cent fall in half-year profit after refining margins declined and demand in its convenience retailing business fell.

Buy now, pay later provider Zip rallied 16.6 per cent after its cash earnings more than doubled amid growing transactions and low bad debts.

Nine Entertainment advanced 4.3 per cent despite reporting a 15 per cent fall in interim earnings, as weaker economic and advertising conditions and loss of revenue from Meta hit the media company.

Ingenia Communities rose 2.1 per cent after revenue and profit picked up over the six months to December, as the developer and landlord of land lease communities for downsizing over-55s settled nearly 40 per cent more homes.

And Block fell 3.8 per cent after fourth-quarter revenue fell short of analyst forecasts, sending its US shares tumbling by the most in almost five years.