Global markets today: Nikkei, Hang Seng futures gain following Trump's tariff announcement
Starting August 1, goods exported to the U.S. from Japan, South Korea, Malaysia, Kazakhstan, and Tunisia will be subject to a 25% tariff, as stated in the letters shared by Trump on Truth Social.
Japan's Nikkei 225 index rose by 0.36 per cent in early trading, while the broader Topix index edged higher by 0.31 per cent.
Meanwhile, South Korea's Kospi gained 0.44 per cent, and the smaller Kosdaq index saw a modest increase of 0.19 per cent. Futures for Hong Kong's Hang Seng index were at 23,886, indicating a slightly lower opening compared to the previous close of 23,887.83.
(This is a developing story)
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Time of India
19 minutes ago
- Time of India
India's apparel, footwear exports to gain as US hikes tariffs on rival nations: Exporters
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Time of India
19 minutes ago
- Time of India
How one tiny Myanmar town controls the globe's rare earth supply and is holding the world hostage
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Time of India
21 minutes ago
- Time of India
Trump says ‘no extensions' to August 1 tariff deadline; warns more letters to follow
US President Donald Trump on Tuesday doubled down on his sweeping tariff campaign, announcing that no further extensions will be granted, and that all countries must begin paying duties from August 1, 2025. The statement, made on Truth Social , came just a day after Trump had postponed the enforcement of his 'Liberation Day' tariffs by three weeks and signalled a possible willingness to remain flexible. 'As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted. Thank you for your attention to this matter!' Trump posted on Wednesday. Mixed signals before the hardline Trump had reignited his global trade war on Monday, threatening more than a dozen countries with steep new tariffs—including 25 percent duties on Japan and South Korea—but also left room for talks. In letters sent ahead of the original July 9 deadline, Trump said countries had until August 1 to strike new trade deals or face automatic tariff hikes. When asked at a dinner with visiting Israeli Prime Minister Benjamin Netanyahu whether the August deadline was final, Trump had responded:'I would say firm, but not 100 percent firm.' Pressed further, he added, 'I would say final, but if they call with a different offer, and I like it, then we'll do it.' But the tone changed sharply with Tuesday's Truth Social post. Tariff letters and country-wise impact Trump's 'take it or leave it' letters to Japan, South Korea, and others warned that the tariff holiday granted in April was over. His administration had initially unveiled a 10 percent baseline tariff on all imports on April 2, then suspended any rates above 10 percent for 90 days following market volatility. According to letters posted online, Indonesia will now face a 32 percent tariff, Bangladesh 35 percent, Thailand 36 percent, and several African and Southeast Asian nations will see duties ranging from 25 to 40 percent. Countries like Laos and Cambodia saw lower tariffs than originally proposed, but the bulk of measures remained severe. Trump justified the higher rates in his letters by arguing that many of the U.S.'s trade relationships are 'unfortunately, far from Reciprocal.' 'All money will be due and payable starting August 1,' he said. He also warned against retaliation, stating there could be 'further escalation' if countries responded with their own duties. Global pushback and diplomatic outreach International reactions have been swift. Japan's Prime Minister Shigeru Ishiba said at a cabinet meeting that the 25 percent tariffs were 'genuinely regrettable,' according to local media. Meanwhile, South Korea's National Security Adviser Wi Sung-lac met with U.S. counterpart Marco Rubio in Washington, expressing hope for a bilateral summit to resolve 'key pending issues.' Further, Thailand's acting Prime Minister Phumtham Wechayachai said, 'The most important thing is that we maintain good relations with the US… I want a better deal than the 36 percent tariff.' Malaysia, also facing a 25 percent duty, said it remained committed to 'balanced, mutually beneficial, and comprehensive trade' with the U.S. At the White House, Press Secretary Karoline Leavitt said, 'It's the president's prerogative, and those are the countries he chose,' when asked why Japan and South Korea were first on Trump's list. Markets dip and BRICS warning The renewed trade threats triggered jitters in the financial markets. The Nasdaq fell 0.9%, while the S&P 500 lost 0.8% on Monday. The Trump administration, under pressure to deliver on its '90 deals in 90 days' promise, has so far concluded only two firm agreements, with Britain and Vietnam, along with a partial de-escalation in tariffs with China. Trump has also threatened an additional 10 percent tariff on countries aligning with the BRICS bloc, accusing them of 'Anti-American policies' after they criticised his tariff regime at a recent summit. Even so, diplomatic outreach continues. The European Commission said EU chief Ursula von der Leyen had a 'good exchange' with Trump on trade during a call on Sunday, signalling that backchannel negotiations remain active despite the president's public hardline stance.
