September S&P 500 E-Mini futures (ESU25) are down -0.34%, and September Nasdaq 100 E-Mini futures (NQU25) are down -0.53% this morning, starting the week on a downbeat note as uncertainty surrounding U.S. tariffs remains elevated ahead of the July 9th deadline to complete trade negotiations.
U.S. President Donald Trump announced on his Truth Social platform that “tariff letters and/or deals” would be delivered to global trading partners starting at 12 p.m. Eastern Time on Monday. President Trump has stated that new tariff rates could span from 10% to 70%. U.S. officials have signaled August 1st as the effective date for higher tariffs. Trump also threatened an additional 10% levy on nations aligned with BRICS, which includes Brazil, Russia, India, and China. “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” he said.
