Australian, New Zealand shares fall

Australian shares posted their biggest daily fall in two months on Tuesday after US President Donald Trump's surprise move to restore tariffs on imports from Brazil and Argentina.

The S&P/ASX 200 index fell 2.2% to 6,712.3 at the close of trade, as Trump's move reignited worries about global trade and the future of Sino-US trade talks in particular. The benchmark had ended 0.2% firmer on Monday.

Trump, in a tweet on Monday, said he would restore tariffs on US steel and aluminum imports from the two Latin American countries, attacking them of presiding over a massive devaluation of their currencies, which he said was hurting US farmers.

"The move by Trump signals that trade deals with the US are of limited value ... China will be watching this closely and asking itself just how far it wants to go in negotiations with Trump, knowing that a deal could very well be short-lived," ING economist Timme Spakman said in a note to clients.

Tech stocks finished 2.7% down at their lowest since Oct 21, pressured by Wisetech Global which closed 5.7% lower, and Nearmap Ltd's near 4% tumble.

The country's largest lender Commonwealth Bank of Australia closed 2.6% lower, and was the top loser among the "Big Four" banks, all of which ended in the red. This pushed financial sector down 2.1% at close.

At close, the mining sub-index fell 1.2% in its worst session since Oct. 17, as its components were bruised by a decline in base metals prices.

New Zealand's benchmark S&P/NZX 50 index also slipped 0.7% to finish the session at 11,228.00.

Dairy company A2 Milk Co fell 3.3% while Synlait Milk ended about 2% lower.