Wall St Week Ahead: Investors eye tariff deadline
NEW YORK: Investors will be keeping a close eye on tariff headlines out of Washington next week, as a temporary suspension of punitive import levies is set to expire. If that Wednesday deadline passes without an increase in trade tensions, it could prove positive for the markets.
Negotiators from more than a dozen major US trading partners are rushing to reach agreements with US President Donald Trump's administration by July 9 to avoid even higher tariffs, and Trump and his team have kept up the pressure in recent days.
Billed as RM9.73 for the 1st month then RM13.90 thereafters.
RM12.33/month
RM8.63/month
Billed as RM103.60 for the 1st year then RM148 thereafters.
Free Trial
For new subscribers only
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
40 minutes ago
- Malaysian Reserve
Trump sets Aug. 1 start for tariffs ahead of Wednesday deadline
PRESIDENT Donald Trump plans to announce trade deals and deliver tariff warnings on Monday, as countries negotiated through the weekend to avoid the highest punitive measures on their exports to the US before a Wednesday deadline. The time line for the talks appeared to be reset after US officials signaled that trading partners will have until Aug. 1 before the tariffs kick in. That gives them the option of three more weeks for deal-making. For weeks, the administration warned that Trump would impose levies on July 9 for countries failing to secure an accord, reverting to the levels announced on so-called Liberation Day on April 2. The European Union said that progress has been made toward securing a deal and that the bloc is still working toward the Wednesday deadline. Trump and European Commission President Ursula von der Leyen spoke on Sunday and had a 'good exchange,' a spokesman for the EU's executive arm said Monday in Brussels. German Chancellor Friedrich Merz over the weekend discussed how to resolve the US trade dispute in separate phone calls with Von der Leyen as well as counterparts from France and Italy, a government spokesman told reporters in Berlin on Monday. 'Time is running out,' Merz's chief spokesman Stefan Kornelius told a regular government news conference in Berlin, adding that Germany continues to support the Commission's strategy in the negotiations with the US. 'It's a complex matrix of factors that need to be taken into account.' Emboldened by a legislative win and a US stock market hitting a record high last week, Trump is flexing his tariff authority as a tool to pursue domestic economic gains and taunt geopolitical rivals. His latest threat was a 10% import tax on 'any country aligning themselves with the Anti-American policies of BRICS.' 'There will be no exceptions to this policy,' he said in a Truth Social post, just as BRICS nations led by Brazil, Russia, India, China and South Africa were gathering in Rio de Janeiro for meetings starting Sunday. After two months of gains amid trade war truces, tariff tensions were back in view for equity investors. S&P 500 futures fell 0.5% after cash equity markets were closed in the US on Friday for the July 4 holiday. European stocks were flat, while a gage for Asian equities declined 0.7%. The dollar strengthened as much as 0.5%, hitting its highest against a currency basket in more than a week. The Australian and New Zealand dollars each sank roughly 1% on the view that higher tariffs could have a serious impact on the countries, which count China as a major trade partner. Shorter-dated US Treasuries gained modestly amid weaker risk appetite. Heading into the final days before the July 9 end of Trump's 90-day reprieve of so-called reciprocal tariffs, Treasury Secretary Scott Bessent said 18 major trading partners are the priority, with several big agreements expected to be announced. He also acknowledged the sheer number of ongoing discussions is complicating the final stages. 'There's a lot of congestion going into the home stretch,' the Treasury chief said on Fox News Sunday while declining to characterize Aug. 1 as the new official deadline. 'If you want to speed things up, have at it,' he said on CNN about countries that receive a letter. 'If you want to go back to the old rate, that's your choice.' In a social media post on Sunday, Trump said he'll announce that 'the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting' at noon Washington time. Officials from economies including the European Union and Japan were in discussions with Washington through the US holiday weekend. The Trump administration has stated for weeks that multiple accords are imminent, but so far only a limited framework with the UK, a truce with China and Trump's brief outline of a pact with Vietnam have been announced. –BLOOMBERG
The Star
41 minutes ago
- The Star
Trump sets Aug 1 start for tariffs ahead of Wednesday (July 9) deadline
President Donald Trump exits Air Force One to board Marine One, at Joint Base Andrews, Md., Sunday, July 6, 2025, en route to the White House after spending the weekend in New Jersey. -- AP Photo/Jacquelyn Martin SOUTH-EAST ASIA (Bloomberg): President Donald Trump plans to announce trade deals and deliver tariff warnings on Monday, as countries negotiated through the weekend to avoid the highest punitive measures on their exports to the US before a Wednesday deadline. The timeline for the talks appeared to be reset after US officials signaled that trading partners will have until Aug. 1 before the tariffs kick in. That gives them the option of three more weeks for deal-making. For weeks, the administration warned that Trump would impose levies on July 9 for countries failing to secure an accord, reverting to the levels announced on so-called Liberation Day on April 2. The European Union said that progress has been made toward securing a deal and that the bloc is still working toward the Wednesday deadline. Trump and European Commission President Ursula von der Leyen spoke on Sunday and had a "good exchange,' a spokesman for the EU's executive arm said Monday in Brussels. German Chancellor Friedrich Merz over the weekend discussed how to resolve the US trade dispute in separate phone calls with Von der Leyen as well as counterparts from France and Italy, a government spokesman told reporters in Berlin on Monday. "Time is running out,' Merz's chief spokesman Stefan Kornelius told a regular government news conference in Berlin, adding that Germany continues to support the Commission's strategy in the negotiations with the US. "It's a complex matrix of factors that need to be taken into account.' Emboldened by a legislative win and a US stock market hitting a record high last week, Trump is flexing his tariff authority as a tool to pursue domestic economic gains and taunt geopolitical rivals. His latest threat was a 10% import tax on "any country aligning themselves with the Anti-American policies of BRICS.' "There will be no exceptions to this policy,' he said in a Truth Social post, just as BRICS nations led by Brazil, Russia, India, China and South Africa were gathering in Rio de Janeiro for meetings starting Sunday. After two months of gains amid trade war truces, tariff tensions were back in view for equity investors. S&P 500 futures fell 0.5% after cash equity markets were closed in the US on Friday for the July 4 holiday. European stocks were flat, while a gage for Asian equities declined 0.7%. The dollar strengthened as much as 0.5%, hitting its highest against a currency basket in more than a week. The Australian and New Zealand dollars each sank roughly 1% on the view that higher tariffs could have a serious impact on the countries, which count China as a major trade partner. Shorter-dated US Treasuries gained modestly amid weaker risk appetite. Heading into the final days before the July 9 end of Trump's 90-day reprieve of so-called reciprocal tariffs, Treasury Secretary Scott Bessent said 18 major trading partners are the priority, with several big agreements expected to be announced. He also acknowledged the sheer number of ongoing discussions is complicating the final stages. "There's a lot of congestion going into the home stretch,' the Treasury chief said on Fox News Sunday while declining to characterize Aug. 1 as the new official deadline. "If you want to speed things up, have at it,' he said on CNN about countries that receive a letter. "If you want to go back to the old rate, that's your choice.' In a social media post on Sunday, Trump said he'll announce that "the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting' at noon Washington time. Officials from economies including the European Union and Japan were in discussions with Washington through the US holiday weekend. The Trump administration has stated for weeks that multiple accords are imminent, but so far only a limited framework with the UK, a truce with China and Trump's brief outline of a pact with Vietnam have been announced. --With assistance from Alice Gledhill, Jorge Valero and Michael Nienaber. ©2025 Bloomberg L.P.
The Star
an hour ago
- The Star
Thailand submits new trade proposal offering zero tariffs on many US goods
Thailand's Finance Minister and Deputy Prime Minister Pichai Chunhavajira. - REUTERS/Chalinee Thirasupa BANGKOK (Reuters): Thailand has submitted a new trade proposal to the United States, offering to cut levies to zero on many US imports in a bid to avoid steep tariff hikes on its own products, the finance minister said on Monday. Washington has threatened to impose a 36% levy on Thai imports if no reduction is negotiated before July 9, when a 90-day pause capping tariffs at a baseline of 10% for most nations expires. The United States accounted for 18.3% of Thailand's shipments last year, amounting to $54.96 billion in value, making it Thailand's biggest export market. Washington says its deficit with Thailand stood at $45.6 billion. "We heard their feedback and what they were especially interested in, and we adjusted it (the trade proposal)," minister Pichai Chunhavajira told reporters, who returned from Washington last week following talks. The U.S. Trade Representative's office praised Thailand's efforts but suggested minor adjustments, Pichai said. He said the improved proposal includes zero tariffs on many U.S. imports and other measures that aim to bring trade with the United States into balance in less than 10 years, sooner than earlier proposed. It also includes commitments to increase imports of American goods to boost bilateral trade. "It's not just about reducing tariffs but also about opening up trade further," he said. "Of course, we are not offering a 0% tariff across the board, but we are providing zero tariffs on a substantial number of items," Pichai said. "In my view, the conditions we have proposed are very favourable and should satisfy them," he added. Trade talks are expected to continue after the tariff pause ends, as negotiating trade terms requires consultations among multiple stakeholders, Pichai said. Thailand's top three exports to the United States last year were computers, teleprinters and telephone sets, and rubber products. Its top three imports from the U.S. were crude oil, machinery and parts, and chemicals. Pichai said earlier that Thailand would import more U.S. natural gas and cut tariffs on imports of corn from the United States. U.S. corn is subject to a 73% import tax, according to the Thai Feed Mill Association. The Thai state-owned energy giant, PTT Group in June signed an agreement to procure 2 million metric tons of liquefied natural gas per year from Glenfarne's Alaska LNG project over a 20-year term. The $44 billion project has been championed by U.S. President Donald Trump. Pichai earlier said Southeast Asia's second-largest economy could expand by just over 1% this year due to the impact of U.S. tariffs. Thailand's economy has struggled with weak consumption, soaring household debt, slowing tourism, trade uncertainty and potentially steep U.S. tariffs. Last month, the central bank forecast economic growth of 2.3% this year, after last year's growth of 2.5% lagged peers in the region. (Reporting by Orathai Sriring; Kitiphong Thaichareon and Thanadech Staporncharnchai, Writing by Chayut Setboonsarng, Editing by David Stanway, Martin Petty) - Reuters
