Australian shares are poised to fall Monday after US President Donald Trump revealed plans for a 30% tariff for the European Union and Mexico, effective Aug 1.

Trump vowed more tariffs on other countries and urged trading partners to resume negotiations.

Last Friday, the Nasdaq Composite and the S&P 500 slipped 0.2% and 0.3%, respectively, while the Dow Jones Industrial Average fell 0.6%.

In corporate news, Rio Tinto Group (ASX:RIO), BHP Group (ASX:BHP), and Fortescue (ASX:FMG) will be in the spotlight after reports that the miners are set to hold talks on steel decarbonization with China's state-owned steel giants.

Major banks including Commonwealth Bank of Australia (ASX:CBA), Westpac Banking (ASX:WBC, NZE:WBC), National Australia Bank (ASX:NAB), and ANZ Group Holdings (ASX:ANZ, NZE:ANZ), along with retail giants Coles Group (ASX:COL) and Woolworths (ASX:WOW), will also be in focus after reportedly agreeing to contribute AU$25 million to extend cash transportation business Armaguard's operations through December.

Australia's benchmark index finished flat at 8,580.10 on Friday.