Asia-Pacific markets set for mixed open after Trump shifts goalposts on tariffs deadline again
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Asia-Pacific markets are set to open mixed on Monday after U.S. President Donald Trump confirmed that tariffs, first announced in April, will take effect on August 1 for countries that haven't struck a deal.
Treasury Secretary Scott Bessent said Sunday that tariffs introduced in April will be enforced starting August 1 for countries that haven't finalized an agreement with the Trump administration. While Bessent dismissed the notion that August 1 represents a fresh deadline, he acknowledged that the new date could allow trading partners additional time to renegotiate tariff terms.
Australia's S&P/ASX 200 is set to open lower with futures tied to the benchmark at 8,583 compared to its last close of 8,603.
Futures for Hong Kong's Hang Seng index stood at 23,899, lower than its last close of 23,916.06.
Japan's benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 39,915 against the index's last close of 39,810.88.
The Reserve Bank of Australia kicks start 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 confirmed that tariffs are set to go into effect Aug. 1, not July 9. Dow Jones Industrial Average futures slid by 146 points, or 0.32%. S&P 500 futures and Nasdaq 100 futures dipped 0.39% and 0.42%, respectively.
Last Friday stateside, the three major averages closed higher. The S&P 500 and Dow Jones Industrial Average powered to new highs and capped off a winning week as banking behemoths ushered in a promising start to the third-quarter earnings season. The Nasdaq Composite added 0.33% to finish at 18,342.94 and less than 2% below its all-time high.
— CNBC's Samantha Subin and Brian Evans contributed to this report.
U.S. President Donald Trump confirmed that tariffs will go into effect Aug. 1, not July 9.
Trump and Commerce Secretary Howard Lutnick were asked in an interview with reporters Sunday to clarify when tariffs are set to go into effect. Lutnick responded, "Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now." Trump assented with the statement.
Earlier in the day, Treasury Secretary Scott Bessent said in an interview with CNN's "State of the Union" that tariffs announced back in April will go into effect on Aug. 1 for those countries that have yet to reach an agreement with the U.S. He said duties will "boomerang" back to April 2 levels if there is no progress.
— Sarah Min
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