Why is the ANZ share price tumbling today?
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The ANZ Group Holdings Ltd (ASX: ANZ) share price dropped 2.5% to $28.48 shortly after the market open on Tuesday.
The weak start for ANZ shares came amid the S&P/ASX 200 Index (ASX: XJO) soaring by 0.97% to an intraday high of 8,314 points.
The broader market is ripping today on news of a US-China tariff deal.
The US has agreed to reduce its tariff on China from 145% to 30% for 90 days.
China has agreed to reduce the 125% retaliatory tariff imposed on the US to 10% for 90 days.
The agreement benefits Australia because China is our biggest trading partner, and the 145% tariff would have hurt it economically.
Any sort of economic downturn in China impacts us through lower demand for our biggest…
