September S&P 500 E-Mini futures (ESU25) are down -0.29%, and September Nasdaq 100 E-Mini futures (NQU25) are down -0.30% this morning, pointing to a lower open on Wall Street after U.S. President Donald Trump escalated his trade war.
President Trump said in letters shared on his social media platform on Saturday that the U.S. will impose a 30% tariff on goods imported from both the European Union and Mexico beginning August 1st. Mr. Trump also said that if the EU or Mexico retaliated by increasing tariffs on the U.S., the U.S. would add that figure to the 30% rate. In response, European Commission President Ursula von der Leyen said on Saturday that the EU was prepared to retaliate to defend its interests. “We will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required,” she said. However, the EU said on Sunday it would extend its suspension of countermeasures to U.S. tariffs until early August and maintain efforts to reach a negotiated settlement.
