Asia stocks mixed after Trump sets tariff deadline

July 07, 2025 (MLN): Asia-Pacific markets traded mixed on Monday after U.S. President Donald Trump confirmed that “reciprocal” tariffs, first announced in April, will take effect on August 1 for countries that haven’t struck a deal.

Trump added in a separate announcement Sunday that an additional 10% tariff would be charged to countries “aligning themselves with the anti-American policies of BRICS,” without elaborating.

His comments coincided with the BRICS summit being held in Rio de Janeiro, Brazil, over two days.

Earlier on Sunday, Treasury Secretary Scott Bessent stated that the tariffs introduced in April will be enforced beginning August 1 for countries that haven’t finalized an agreement with the Trump administration.

While Bessent dismissed the notion that August 1 marks a fresh deadline, he noted the new date could allow trading partners more time to renegotiate terms.

In regional markets, Japan’s benchmark Nikkei 225 slipped 0.53%, while the Topix declined 0.57%, as CNBC reported.

South Korea’s Kospi added 0.19%, and the small-cap Kosdaq rose 0.16%. Australia’s S&P/ASX 200 slid 0.11%.

Hong Kong’s Hang Seng index lost 0.61%, and mainland China’s CSI 300 dipped 0.12%.

The Reserve Bank of Australia began its two-day meeting, where it is widely expected to cut rates by 25 basis points to 3.60%.

U.S. stock futures fell after Trump’s tariff confirmation, which clarified the implementation date as August 1, not July 9.

Dow Jones Industrial Average futures slid by 146 points, or 0.32%, while S&P 500 futures and Nasdaq 100 futures dipped 0.39% and 0.42%, respectively.

Last Friday, U.S. markets closed higher.

The S&P 500 and Dow Jones Industrial Average hit new highs, ending the week strong as major banks kicked off third-quarter earnings season on a positive note.

The Nasdaq Composite rose 0.33%, finishing at 18,342.94 less than 2% below its all-time high.

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