Aussie shares dip after Trump talks tough on tariffs

The local share market has retreated from record-high levels after US President-elect Donald Trump promised to impose tariffs on Chinese, Canadian and Mexican goods as soon as he takes office.

The benchmark S&P/ASX200 on Tuesday dropped 58.2 points, or 0.69 per cent, to 8,359.4, while the broader All Ordinaries fell 48.6 points, or 0.56 per cent, to 8,612.6.

The Australian dollar was buying 64.93 US cents, from 65.15 US cents at Monday's ASX close.