September S&P 500 E-Mini futures (ESU25) are trending down -0.09% this morning as investors digest the latest tariff headlines, while also awaiting crucial U.S. producer inflation data, quarterly reports from more big banks, and remarks from Federal Reserve officials.
U.S. President Donald Trump signaled on Tuesday that tariffs on pharmaceuticals could be implemented by the end of the month, with similar measures on semiconductors possibly following. “Probably at the end of the month, and we’re going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we’re going to make it a very high tariff,” he told reporters. Trump also stated that letters informing smaller countries of their U.S. tariff rates would be sent out soon, adding that his administration would likely impose a tariff of “a little over 10%” on those nations. In addition, the president predicted that he could finalize “two or three” trade agreements with countries before his so-called reciprocal tariffs take effect on August 1st, noting that a deal with India was among the most likely.
