September S&P 500 E-Mini futures (ESU25) are trending down -0.62% this morning as sentiment took a hit after U.S. President Donald Trump ratcheted up trade tensions yet again.
Late Thursday, President Trump announced a 35% tariff on Canadian imports, set to take effect on August 1st. However, the White House said goods complying with the U.S.-Mexico-Canada Agreement would continue to be exempt. Also, Mr. Trump said the European Union could receive a letter on tariff rates by Friday, casting doubt on the progress of trade negotiations between Washington and the bloc. In addition, Trump said he plans to raise blanket levies to 15%-20% on most trading partners that have not yet been given proposed tariff rates. “We’re just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%,” he told NBC News.
