Market Wrap / back in the red

President Trump appeared to get his maths wrong and shocked markets when revealing the tariff on Chinese exports is actually being levied at 145%.

That gave equity markets investors yet another bout of whiplash as stocks reversed sharply with the S&P/ ASX 200 finishing 0.8% lower this Friday, at 7646.50 points.

 All sectors closed in the red with the local market sitting some 2.5% below where it was a year ago. However despite a wild, wild week, the ASX 200 was "only" down 0.3% at the end of the week.

The prospect of a global economic slowdown saw the oil price continue its slippery slide, sending the local energy sector lower with Santos shedding 1.1%.

The big miners also performed poorly as the with demand commodities expect to be eroded further as China looks for alternatives to the to American market. BHP notably slid 1.6%.

However, the gold miners continued to defy the broader selloff as the safe haven asset surged to another record. Evolution Mining advanced 7.8%.

Elsewhere, the major banks fell with Macquarie down 0.8%, while healthcare stocks were also hit with CSL losing 3.6%.

And with both global central banks cutting rates further this week, RBA Governor Michele Bullock said the bank will be patient as it assesses the economic impact of US trade policies.

Tonight we'll get a read of US producer prices and next week, RBA minutes will be released along with jobs data.