The Australian share market has suffered its worst day in two months with more than $43 billion wiped off.

The S&P/ASX200 Index fell 2.2 per cent, taking its losses to more than $74 billion over the last two days.

The drop comes after the United States said it would impose tariffs on the European Union, deepening trade tensions.

Investors Mutual Limited founder Anton Tagliaffero tells Ross Greenwood interest rate cuts aren’t benefiting the economy.

“I think central banks are overdoing it now with interest rates.

“The marginal benefit of these rate cuts really doesn’t flow through to extra consumption.”

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