US Extends Tariff Deadline to August Amid Rising Trade Tensions

President Donald Trump has extended the deadline for implementing higher trade tariffs from July 9 to August 1, signaling that tariff letters will begin to be issued to major countries starting Monday. Despite Trump's threats of additional tariffs on countries aligned with the BRICS bloc, this escalation has not significantly driven safe haven demand for gold, which has fallen amid a stronger dollar and robust U.S. payroll data. Markets reacted with increased caution, as Asian stocks declined and the dollar gained, reflecting uncertainty ahead of the expiration of the tariff pause and ongoing trade negotiations with countries including India, Japan, and South Korea. While Trump’s administration has announced only a few trade agreements so far, tensions are rising as the U.S. pressures partners and contemplates unilateral tariff rates. Investors are holding more cash and awaiting further developments, with some analysts expecting volatility as specific deals are announced or stall. The overall market sentiment remains cautious, balancing optimism about the U.S. economy's resilience with concerns over the impact of renewed trade tensions.