Australian shares were flat with a positive bias on Tuesday's close, despite declines in Wall Street and other Asian markets, after Trump ordered 25% tariffs on all steel and aluminum imports while hinting at a potential exemption for Australia.

The S&P/ASX 200 Index changed little to close at 8,484.

Stock resilience to tariffs could lead to more trade tensions, increasing the chances of equity pullbacks, resulting in sharp but brief selloffs, Deutsche Bank AG strategists said in a Bloomberg report.

Equities may bottom out during the event, dropping 6% to 8% for three weeks before rebounding, the strategists said.

On the domestic front, Australian consumer confidence was little changed in February, signaling that the recovery seen in the second half of 2024 has stalled amid mounting pressure on finances, according to Westpac. The Westpac-Melbourne Institute Consumer Sentiment Index rose to 92.2 in February from 92.1 in January.

Australian business conditions fell in January, while confidence improved, further closing the gap between the two measures, according to a monthly survey by National Australia Bank.

In company news, CSL (ASX:CSL) reported Tuesday that its earnings per diluted share in the fiscal half rose to $4.13 from $3.92 per diluted share a year earlier. Shares of the company fell 5% at market close.

Ramsay Health Care (ASX:RHC) flagged two one-off items for the six months ended Dec. 31, 2024, prompting the company to abandon its profit growth projection for the fiscal year ending June 30.

Lastly, Breville Group (ASX:BRG) said the project to move its 120-volt production out of China is "in full swing" amid US President Donald Trump's plans to implement an incremental 10% tariff on products imported from China into the US, manufactured after Feb. 1 or arriving before March 7. Its shares slid 2% at close.