ASX to rise as Trump says he doesn't expect to extend tariff deadline
Australian shares are expected to edge higher as President Donald Trump said he doesn't think he'll need to extend the July 9 trade deadline he has imposed on countries to secure deals with the US to avoid higher tariffs.
ASX futures are pointing up 5 points, 0.06 per cent, to 8521, on the last day of the financial year, after a strong session on Wall Street that pushed the S&P 500 to a fresh record of 6170 and Nvidia towards the $US4 trillion ($6.1 trillion) mark.
The S&P/ASX 200 Index has climbed 9.7 per cent for the 12 months through June – a rally which has only been surpassed by the 12 months to the end of June 2021, when equities rocketed more than 20 per cent as investors piled back into the market from the pandemic slump.
The turnaround is made more impressive given it was just three months ago when US President Donald Trump rocked markets with his sweeping 'liberation day' tariffs before agreeing to a 90-day pause that is set to expire in less than two weeks.
'I don't think I'll need to,' Trump said in an interview on Fox News on Sunday (Monday AEST) when asked if he would extend the July 9 trade deadline he has imposed on countries to secure deals with the US to avoid higher tariffs.
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