Trump Shifts Tariff Deadline to Aug. 1, Markets React Across Asia, US

As the July 9 deadline for U.S. President Donald Trump's tariff impositions approaches, Asian and global markets remain volatile and cautious, anticipating the resumption of steep tariffs on numerous countries. Trump extended the deadline to August 1 for certain nations, including Japan and South Korea, with tariffs set at 25%, but uncertainty persists about which countries will ultimately face increased duties and the potential severity of those tariffs. Wall Street indices opened lower amid investor anxiety over these trade tensions, with Treasury Secretary Scott Bessent confirming that countries failing to finalize deals by the deadline will see tariffs revert to the originally proposed higher levels, potentially up to 70%. Asian equities also fell as investors braced for the tariffs, while some hope remains for interim trade deals, such as between the U.S. and India, which could mitigate the impact. The uncertainty surrounding the tariffs continues to influence global investment flows, as evidenced by foreign fund outflows in Indian markets ahead of the deadline. Overall, markets are responding to the mixed signals from the Trump administration and the looming threat of renewed trade barriers, keeping investors on edge worldwide.