ASX to fall, Wall St tumbles on renewed Trump trade wars
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.
Top stories
Billions for Made in Australia program 'may look protectionist' | The Productivity Commission has warned the government that its subsidies for domestic industry could be considered protectionism and suggested slashing tariffs on 300 imported goods.
Trump to levy 25pc tariffs on Japan, South Korea in August | The US president warned the nations against retaliation in his letters to them, saying any actions would be met with a response from the US.
Why the RBA's rate cuts won't fuel essential investment | Lower interests rate will not be enough to rev the engines of Australia's economy. The reform roundtable cannot come quickly enough, writes Paul Brennan.
| New research suggests a 40 per cent fall in analysts dialling in. In Australia, veterans say it's down to fewer, more junior, sell-side researchers.
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