September S&P 500 E-Mini futures (ESU25) are down -0.12%, and September Nasdaq 100 E-Mini futures (NQU25) are down -0.09% this morning, pointing to a muted open on Wall Street amid uncertainty over U.S. President Donald Trump’s trade policies, while investors await U.S. jobless data and remarks from Federal Reserve officials.
President Trump on Wednesday announced 50% tariffs on Brazilian goods, the highest rate announced so far, and confirmed via social media that 50% tariffs on copper products would take effect from August 1st. Trump also stated he would impose a 30% tariff on Algeria, Libya, Iraq, and Sri Lanka, along with 25% duties on goods from Brunei and Moldova, and a 20% rate on products from the Philippines.
