Aussie, US stocks tumble as Trump confirms tariffs will be imposed [Video]

Australian shares have dropped sharply at the open of trade, closely following a dire day on Wall Street after US President Donald Trump confirmed he will implement tariffs on several major economies.

At the time of publishing the ASX 200 was down 1.10 per cent or 91 points and trending lower as local traders looked to cut their losses.

All 11 sectors opened in the red and if the momentum continues the local bourse will wipe all of its gains year-to-date.

Overnight US stocks slid as investors braced for President Donald Trump’s proposed tariffs on Canada, Mexico and China to go into effect by the deadline on Tuesday (Wednesday AEDT).

The Dow tumbled 650 points, or 1.48 per cent, on Monday to close …