Australia's Elders hits 17-month low as Trump targets beef with new tariffs

Australian Agricultural

03/04/2025 05:58

Updates

** Shares of agribusiness firm Elders ELD.AX fall 2.8% to A$6.57, their lowest since mid-November 2023

** U.S. President Donald Trump plans 10% baseline tariff on exports, singling out the country's beef exports, which hit $4 billion last year

** Citi analysts warn U.S. tariffs could significantly depress Australian cattle prices as export demand weakens

** Brokerage anticipates co's professional agency services division to account for ~25% of its overall gross profit in FY25-FY27

    ** Citi forecasts gross profit of A$692 million ($433.95 million) in FY25

** Nearly one-third of Australia's beef exports were shipped to the U.S. market in CY24, making the sector highly vulnerable to new tariffs - Citi

** "They won't take any of our beef ... but we're doing the same thing right now starting at midnight tonight," Trump says

($1 = 1.5946 Australian dollars)

(Reporting by Sneha Kumar and Manasi Dasa in Bengaluru)

((Sneha.kumar@thomsonreuters.com;))