The Dow Jones (DJIA) is set to open the Monday trading session in the red, shrugging off an encouraging development on the trade front.
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President Trump had previously assigned a deadline of July 9 for reciprocal tariffs to kick back in for countries that haven’t signed a trade deal with the U.S. However, that date has now been pushed back.
“President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level,” said Treasury Secretary Scott Bessent in an interview with CNN over the weekend.
Trump Warns of Additional 10% Tariff
Trump has said that he will begin delivering letters containing new tariff rates to countries starting today. He also warned that countries supporting the “Anti-American policies of BRICS” will be subject to an additional 10% tariff.
BRICS is a group of leading emerging market economies across the world. While BRICS stands for Brazil, Russia, India, China, and South Africa, it also includes other countries, like the United Arab Emirates and Iran.
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