U.S. stock futures are mixed after President Donald Trump unveiled tariffs on 14 countries, and officially signed an executive order to extend the “reciprocal” tariff deadline to Aug. 1.
The 14 countries include Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Japan, Laos, Malaysia, Myanmar, Serbia, South Africa, South Korea, Thailand and Tunisia. However, Trump also left room for negotiations and delays, saying the notifications were “not 100% firm.”
Earlier, Trump also threatened an additional 10% tariff on countries that align with the “Anti-American policies” of the BRICS nations which include Brazil, Russia, India and China.
“If none of these 14 countries manage to seal a preliminary trade deal (and assuming Trump doesn’t delay implementation for another month) then the effective tariff rate on U.S. imports would rise from 15.5% to 17.3%,” said Paul Ashworth, chief North America economist at Capital Economics, in a note. “That would push it even further above 20 century norms – it was 2.5% last year – but given the very muted impact of tariffs on U.S. consumer prices up to now and that the tariff revenues are now being recycled thanks to the Republican Megabill that Congress just passed, the fallout should be manageable.”
Economists also noted the European Union, India, Taiwan, Brazil, Turkey and Australia didn’t receive tariff letters. Some speculated that these countries could be close to deals. European Commissioner Olof Gill said earlier the EU still aimed for a deal by the July 9 deadline.
At 6:05 a.m. ET, futures linked to the blue-chip Dow fell -0.16%, while broad S&P 500 futures added 0.03% and tech-laden Nadaq futures rose 0.18%.
Cryptocurrency
Tesla chief executive Elon Musk said his new America Party will support bitcoin.
Separately, Nasdaq-listed real estate firm Murano said it bought 21 bitcoin recently as it begins to accumulate bitcoin. It also entered an equity agreement of up to $500 million with funds primarly to be buy bitcoin.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: US stock futures mixed after Trump unveils tariffs, extends deadline
