ASX to fall, Wall St tumbles on renewed Trump trade wars

AU Financial Review

07-07-2025

Australian shares are poised to open lower after US President Donald Trump threatened 25 per cent tariff rates on both Japan and South Korea as of August 1, leading US equities lower.
The Dow Jones Industrial Average tumbled near 650 points near 2.30pm in New York.
The president sent each nation a letter detailing his plans; he's expected to send about 12 letters on Monday (Tuesday AEST). At a White House briefing, his spokeswoman said the deadline for trade deals will formally later on Monday be pushed to August 1 from July 9.
The tariff rates for Japan and South Korea are in line with what Trump initially proposed. In a Truth Social post, he warned each nation not to retaliate.
Market highlights
ASX futures are pointing down 32 points or 0.4 per cent to 8541.
All US prices as of 2.30pm New York time.
Today's agenda
The RBA meets on Tuesday and it's widely expected that policymakers will vote for a 25 basis point cut.
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