Asian markets drop as Trump's tariff deadline looms
HONG KONG (AFP) Most Asian markets fell Monday as countries fought to hammer out trade deals days before Donald Trump's tariff deadline, though investors took heart after he said the levies would not kick in until the start of next month.While the White House has said several deals were in the pipeline, only two have been finalised ahead of the July 9 cut-off set by the US president.Governments from major trading partners including Japan, India, the European Union, and South Korea have fought for the past three months to get agreements.But Trump said he will send his first tariff letters at 1600 GMT Monday, setting out what Washington will charge for doing business with the United States.The deadline for a deal is Wednesday, but Treasury Secretary Scott Bessent confirmed on Sunday that the measures would not be applied until August 1.The president told reporters Sunday on Air Force One that "I think we'll have most countries done by July 9, either a letter or a deal," adding that some deals have already been made.Tariff uncertainty weighed on equity markets, with Tokyo, Hong Kong, Shanghai, Sydney, and Wellington all down, though there were small gains in Singapore, Seoul, Manila, and Jakarta.Wall Street was closed Friday for a holiday.Oil prices sank after Saudi Arabia, Russia, and other major producers in the OPEC+ alliance said they would boost output far more than expected in August, fuelling demand worries just as Trump's tariffs are about to begin.
The group said "a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories," led to the decision to further hike output.
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