** Shares of Rio Tinto RIO.AX fall 2.4% to A$118.68

** Stock tracks broader losses in mining index .AXMM, which is down about 1%

** Iron ore miners drop after local media reported that Australia would not be exempted from U.S. President Donald Trump's proposed tariffs on steel and aluminium

** Other iron ore miners, including BHP Group BHP.AX and Fortescue FMG.AX, drag 1.4% and 1.6%, respectively

** Bloomberg News reported that Rio sold $9 billion of U.S. investment-grade bonds on Tuesday to fund its massive purchase of Arcadium Lithium 7WO0.BE

** RIO stock down 0.9%, YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))