ASX to slide on opening; Wall Street mixed
Futures are pointing to a slight 14 point fall in the S&P/ASX 200 of 0.16 per cent on opening and the Australian dollar, propelled higher against the US dollar immediately after the Reserve's decision, was up 0.52 per cent to US65.25¢ at 5.45am AEDT.
Stock indexes in the US were mixed in afternoon trading Tuesday, coming off a broad sell-off following the Trump administration's decision to impose new import tariffs set to go into effect next month on more than a dozen nations.
The S&P 500 was up 0.1 per cent a day after posting its biggest drop since June. The benchmark index remains near its all-time high set last week. The Dow Jones Industrial Average was down 116 points, or 0.3 per cent, and the Nasdaq composite was 0.2 per cent higher.
On Monday, President Donald Trump set a 25 per cent tax on goods imported from Japan and South Korea and new tariff rates on a dozen other nations scheduled to go into effect on August 1.
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Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs.
Just before hefty US tariffs on goods imported from nearly every country around the globe were to take effect in April, Trump postponed the levies for 90 days in hopes that foreign governments would be more willing to strike new trade deals. That 90-day negotiating period was set to expire before Wednesday.
With the tariffs set to kick in now on August 1, the latest move by the White House amounts to essentially a four-week extension of its previous 90-day pause, wrote Tobin Marcus, an analyst at Wolfe Research.
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News.com.au
33 minutes ago
- News.com.au
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News.com.au
41 minutes ago
- News.com.au
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Perth Now
43 minutes ago
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One thing Aussies no longer do
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