Australian shares shed $48b as tariffs kick in

Another $48 billion in value has been wiped from the All Ordinaries top 500 as equities continue to buckle under an erratic and escalating trade war.

The S&P/ASX200 plummeted 135 points, or 1.8 per cent, to 7375 as the broader All Ordinaries lost 142.7 points, or 1.85 per cent of its $2.6…