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The Australian share market has sold off as incoming tariffs ratchet-up fears of a US recession and deepen investor concerns about global growth.

The S&P/ASX200 lost 138.6 points, or 1.74 per cent, to 7,843.4, while the broader All Ordinaries gave up 142.3 points, or 1.74 per cent, to 8,053.2.

The session wiped about $42 billion from the top-200's $2.59 trillion market cap and marked the first consecutive quarter of losses since the first half of 2022.

The sell-off came after a Wall Street slump on Friday, following more hawkish tariff talk from US President Donald Trump, and investment giant Goldman Sachs upgrading its expectations of a US recession to 35 per cent, up from only 15 per cent two weeks earlier.

"That's obviously due to the concerns around the economic data, the slowing in consumer spending, the slowing in growth, and the concerns that the tariffs ... are just broadly coming in thicker and faster than what anybody expected," IG Markets analyst Tony Sycamore told AAP.

"Not only that, the way they're being administered is creating a lot of confusion."

Mr Trump's so-called "Liberation Day" tariffs are set to be announced overnight on Wednesday and the president has said there will be no negotiations for carve-outs beforehand.

All 11 local sectors were in the red as markets closed, led by a 3.3 per cent drop in materials stocks, while financials and consumer staples performed best, but still gave up more than one per cent each.

The Commonwealth Bank was the only big four bank to finish higher, eking out a 0.3 per cent gain as ANZ led the losses, down 1.9 per cent after announcing veteran ANZ boss Shayne Elliott will hand over the reins to Nuno Matos earlier than expected.

Miners pushed the bourse lower, with BHP, Rio Tinto and Fortescue Metals down between 3.8 per cent and 4.8 per cent, after government <a href="https://www.industry.gov.au/publications/resources-and-energy-quarterly-march-2025">figures</a> projected mining and energy export profits to fall to $387 billion from $415 billion last year.

The projection - and the impact of a global growth slowdown on the energy transition - was bad news for lithium play Pilbara Minerals, which was the top-200's worst performer, down more than eight per cent.

Energy stocks also suffered amid fears of slowing growth rates, falling 2.7 per cent for the sector with losses spanning multiple commodities.

Oil and gas giant Woodside was down 2.9 per cent, coal miner Yancoal lost 3.3 per cent and uranium producer Paladin shed 5.7 per cent.

Real estate stocks also bled lower, losing more than two per cent as Goodman Group slid 2.9 per cent.

In other news, Qantas fell 3.6 per cent after announcing the departure of marketing specialist and TV personality Todd Sampson from its board.

Looking ahead, the Reserve Bank will deliver its cash rate decision on Tuesday, with most analysts tipping the central bank will hold before a cut in May.

Key US jobs data are due overnight on Tuesday and Wednesday, but the biggest event of the week will be the announcement and launch of US 'Liberation Day' tariffs on April 2.

The Australian dollar also fell and is buying 62.81 US cents, down from 62.89 US cents at 5pm on Friday.

ON THE ASX:

The benchmark S&P/ASX200 index fell 138.6 points, or 1.74 per cent, to 7,843.4

The broader All Ordinaries was down 142.3 points, or 1.74 per cent, to 8,053.2

The NZX 50 Lost -17.46 points (-0.14%) to 12,270.00 while the Nikkei dropped -1502.77 points (-4.22%) at the time of writing, to be closed at 35,617.56