The S&P/ASX 200 Index climbed 0.52% to close at 7,790 on Friday, recovering losses from the previous session as mining stocks surged on stronger metals prices. However, the benchmark index lost 2% for the week, logging its fourth consecutive weekly decline. Market sentiment has been pressured this week by US President Donald Trump’s decision to impose a 25% tariff on imported steel and aluminum, impacting roughly $1 billion worth of Australian exports. Trump also reaffirmed his stance on implementing reciprocal tariffs against global trading partners, set to take effect on April 2. Despite broader market concerns, iron ore and gold miners led the gains, with notable advances from BHP Group (+1.1%), Fortescue (+2.7%), Rio Tinto (+1%), Northern Star Resources (+2.8%), and Evolution Mining (+4.6%).
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