Stock markets fight as Trump’s tariff closing date looms
by AFP Group Writers
Hong Kong (AFP) July 7, 2025
Equities struggled Monday as nations fought to hammer out change deals days before Donald Trump’s tariff closing date, with the US president asserting he would launch sending letters to a pair capitals outlining the rates he had made up our minds upon.
While the White Home has said a complete lot of deals non-public been in the pipeline, entirely two non-public been finalised before the July 9 reduce-off build by Trump.
Governments from considerable buying and selling companions including Japan, India, the European Union and South Korea non-public fought for the past three months to salvage agreements.
However Trump said he will ship his first tariff letters at 1600 GMT Monday, setting out what Washington will rate for doing business with the usa.
He said an further 10 p.c will probably be added to any country “aligning themselves with the Anti-American policies of BRICS”, an 11-member alliance including Brazil, Russia, India and China.
“I’m gay to relate that the UNITED STATES TARIFF Letters, and/or Affords, with a model of Worldwide locations from at some level of the World, will probably be delivered initiating 12:00 P.M. (Jap), Monday, July Seventh,” Trump said on his Truth Social community.
The announcement on BRICS came after leaders of the neighborhood warned Trump’s “indiscriminate” import tariffs risked hurting the worldwide economic system.
The closing date for a deal is Wednesday, but Treasury Secretary Scott Bessent confirmed on Sunday that the measures would now not be utilized till August 1.
“It be now not a brand contemporary closing date. We’re asserting, here’s when it’s going on. Must you wish to tempo issues up, non-public at it. Must you wish to return to the extinct rate, that’s your different,” Bessent told CNN.
He said the rates will then “boomerang support” to the most frequently very high levels Trump announced on April 2, before the president suspended the levies to permit for change talks.
“I’d request to explore a complete lot of astronomical announcements over the subsequent couple of days,” Bessent said.
The president told journalists Sunday on Air Power One that “I mediate we will non-public most nations performed by July 9, either a letter or a deal”, adding that some deals non-public already been made.
Tariff uncertainty weighed on fairness markets, with Tokyo, Hong Kong, Sydney, Wellington, Taipei, Mumbai and Bangkok all down, though there non-public been puny gains in Singapore, Seoul, Jakarta and Manila. Shanghai became as soon as flat.
London fell first and considerable, Paris became as soon as flat and Frankfurt edged up.
“Whether reduce-off dates salvage prolonged remains dangerous given Trump’s unpredictable model,” said IG market analyst Fabien Yip. “Our gruesome case expects a complete lot of fundamental change companions to agree on a high-level foundation before the closing date.
“This may perchance supply more time for detailed discussions over the following two months. The opposite threat factor is sector-explicit tariffs protecting semiconductors, prescribed pills, and affords also will probably be announced in due direction.”
Oil prices slipped after Saudi Arabia, Russia and other considerable producers in the OPEC+ alliance said they’d boost output extra of expected in August, fuelling demand worries true kind as Trump’s tariffs are about to launch.
The neighborhood said “an everyday worldwide economic outlook and contemporary healthy market fundamentals, as mirrored in the low oil inventories” resulted in the decision to further hike output.
– Key figures at round 0810 GMT –
Tokyo – Nikkei 225: DOWN 0.6 p.c at 39,587.68 (shut)
Hong Kong – Dangle Seng Index: DOWN 0.1 p.c at 23,887.83 (shut)
Shanghai – Composite: FLAT at 3,473.13 (shut)
London – FTSE 100: DOWN 0.1 p.c at 8,810.80
West Texas Intermediate: DOWN 0.7 p.c at $66.54 per barrel
Brent North Sea Mistaken: DOWN 0.1 p.c at $68.26 per barrel
Euro/dollar: DOWN at $1.1750 from $1.1783 on Friday
Pound/dollar: DOWN at $1.3607 from $1.3641
Greenback/yen: UP at 145.20 yen from 144.fifty three yen
Euro/pound: DOWN at 86.35 pence from 86.37 pence
Unusual York: Closed for a public holiday
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