The State of Play Ahead of Trump's Tariff Deadline
Under Trump's current executive orders on trade, the pause on his so-called reciprocal tariffs will expire at 12:01 a.m. Wednesday. That means countries could rebound to the rates assigned to them on April 2 in Trump's "Liberation Day" action. Nations that strike a trade deal with the U.S. could be exempted from that hike, or receive more time to negotiate.
Countries that don't arrive at a deal with Trump will receive letters outlining the tariff levels they will pay, Trump has said. Nations could begin paying those tariffs on Aug. 1, administration officials said this weekend. But moving the deadline back to August would require executive action by Trump to avoid having the tariffs rebound automatically Wednesday.
So far, the administration says only three countries have arrived at agreements with Trump to avert steep tariffs. The U.K. notched a deal back in May, while Trump arrived at a tariff truce with China in June, and said he reached an agreement with Vietnam last week. Details of the China and Vietnam deals have not been released, and key aspects of the U.K. deal—such as how much steel can enter the U.S. duty-free—remain in question.
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Yahoo
5 minutes ago
- Yahoo
Stocks mixed as Trump tariff tensions continue
Stock prices in London closed mostly lower, after Wednesday saw investors taking stock of US President Donald Trump's latest tariff-related moves ahead of Federal Reserve meeting minutes due at 7pm UK time. Earlier in the week, Mr Trump announced a new August 1 deadline for negotiations on tariffs, insisted that 'No extensions will be granted', and sent new rates to various trading partners. He also said he plans to impose a 50% tariff on copper, floated the possibility of a 'very, very high rate, like 200%' levy on pharmaceuticals, and ordered probes into imports of lumber, semiconductors and critical minerals. Commerce secretary Howard Lutnick told CNBC that studies on pharmaceuticals and semiconductors would be completed by the end of the month, and that the new copper rate is likely to be implemented at the end of July or on August 1. 'We would only note that (August 1) is the third deadline so far,' BBH analysts said. 'We've enjoyed a 90-day period of relative quiet on the tariff front, punctuated every now and then by a flare-up but quiet enough for markets to once again get complacent about the stagflation risks… Tariffs of this magnitude, if implemented, could finally bring about the macro shock that markets have been waiting for.' AJ Bell's Dan Coatsworth, meanwhile, said: 'The drip-drip of tariff information threatens to increase investor frustration as many people would rather get all the bad news out of the way in one go, so they can get a clearer idea of the lay of the land… The pressure is now on for drug companies to expand US production facilities so they are effectively on the doorstep of American customers.' The FTSE 100 index closed up 12.84 points, 0.2%, at 8,867.02. The FTSE 250 ended down 13.82 points, 0.1%, at 21,567.86, and the AIM All-Share closed down 5.07 points, 0.6%, at 770.43. In large-caps, BP was up 0.2%. The London-based oil major has agreed to sell its Netherlands mobility and convenience and BP pulse businesses to energy company Catom BV, which is based in Breda in the Netherlands. The transaction includes around 300 Dutch retail sites, 15 electric vehicle charging hubs and the associated fleet business. BP did not disclose financial details, but said the transaction contributes to its 20 billion dollar divestment programme and reset strategy to focus the downstream business. FTSE 100-listed housebuilders Persimmon and Barratt Redrow both gained 1.2%. Along with five other housebuilders, they have agreed to pay £100 million aggregate for affordable housing programmes in the UK, following a probe into price collusion, the Competition and Markets Authority said. 'It was probably the quickest decision ever made in the boardroom as the last thing housebuilders want is to have their reputation soured by a drawn-out investigation into anti-competitive practices,' Mr Coatsworth said. 'The industry has already been through various crises in recent years… The £100 million figure seems like peanuts to make a big problem go away. Housebuilders will be happy, and so will the Government as it can now say there is extra money going into the affordable housing pot. 'The housebuilders aren't admitting they've done anything wrong, yet they've probably used up their get out of jail free card.' FTSE 250-listed Zigup lost 9.4%. The vehicle rental and management firm, based in Darlington, posted a 37% pre-tax profit decline to £101.5 million for the year ended April 30, from £162.1 million in 2024. Zigup said the results still beat expectations, and that it maintains a 'positive outlook' for the year ahead. Later on Wednesday, Zigup reported that chief executive Martin Ward purchased 74,631 shares at an average of 334.97 pence, worth £249,992. Smaller-cap Jet2 lost 8.7%. The Leeds-based tour operator and airline said pre-tax profit rose 12% on-year to £593.2 million, with revenue up 15% to £7.17 billion. It also proposed a final dividend of 12.1 pence, up from 10.7p. Jet2 said bookings continue to be made closer to departure, limiting forward visibility, but added that it remains satisfied with its financial progress so far, and continues to trade in line with the £579 million consensus for pre-tax profit before foreign exchange revaluation. Tekmar gained 9.4%. The Newton Aycliffe-based offshore energy technology and services provider said it has won a contract to supply subsea infrastructure technology for a pipeline project in the Middle East. The contract is worth around £2 million, with the full amount to be recognised during this financial year. Tekmar said the deal was won through a major contractor operating in the Middle East. In European equities on Wednesday, the CAC 40 in Paris closed up 1.4%, while the DAX 40 in Frankfurt ended up 1.3%. The pound was quoted at 1.3583 dollars at the time of the London equities close on Wednesday, higher compared with 1.3574 dollars on Tuesday. The euro stood almost flat at 1.1706 dollars, against 1.1709 dollars. Against the yen, the dollar was trading lower at 146.53 yen compared with 146.82 yen. Stocks in New York were higher. The Dow Jones Industrial Average was up 0.1%, the S&P 500 index up 0.3%, and the Nasdaq Composite up 0.6%. The yield on the US 10-year Treasury was quoted at 4.38%, narrowing from 4.42%. The yield on the US 30-year Treasury was quoted at 4.91%, narrowing from 4.96%. Wholesale inventories in May declined in line with forecasts, the US Census Bureau reported on Wednesday. Total inventories of merchant wholesalers for May totalled 905.5 billion dollars, down 0.3% monthly and up 1.4% from the same month last year. The monthly decrease was in line with FXStreet-cited consensus, and unchanged from a 0.3% decline in April. Sales of merchant wholesalers decreased 0.3% on-month and rose 4.8% on-year to 697.2 billion dollars, while the inventories/sales ratio for merchant wholesalers changed on-year to 1.30 from 1.34. Brent oil was quoted higher at 70.30 dollars a barrel at the time of the London equities close on Wednesday, from 69.87 dollars late on Tuesday. Gold was quoted higher at 3,308.72 dollars an ounce against 3,297.61 dollars. The biggest risers on the FTSE 100 were British American Tobacco, up 88.5p at 3,616.5p, Rolls-Royce, up 18p at 984.4p, Barclays, up 5p at 339.6p, NatWest, up 6.7p at 497.6p, and Smith & Nephew, up 15p at 1,115p. The biggest fallers on the FTSE 100 were WPP, down 99p at 428.6p, Antofagasta, down 55.5p at 1,864p, Glencore, down 8.2p at 298.2p, easyJet, down 13.4p at 525.6p, and Anglo American, down 55p at 2,170p. On Thursday's economic calendar, the US has initial jobless claims and comments from Federal Reserve governor Christopher Waller. On Thursday's UK corporate calendar, Trifast will publish full-year results. Multiple companies, including Grafton Group and Severn Trent, are releasing trading updates. Contributed by Alliance News
Yahoo
5 minutes ago
- Yahoo
Why Nike Stock Was Sliding Today
A new announcement of tariffs on imports from countries like Cambodia and Indonesia weighed on Nike stock. Those two countries are major manufacturing hubs for the footwear giant. 10 stocks we like better than Nike › Shares of Nike (NYSE: NKE) were moving lower today, seemingly in response to President Trump's decision yesterday to reinstitute the reciprocal tariffs he had originally issued in April on several Asian countries as of Aug. 1. Nike, which imports much of its product from Asia, with Vietnam and China being its two biggest manufacturing markets, was seen as a potential loser on the news, even though those two countries weren't included in the announcement. As of 2:20 p.m. ET., Nike stock was down 3.2%. For most countries mentioned, tariffs were the same as was originally announced back in April. Japan and South Korea, which both received a 25% tariff rate, got the most attention, as those are the two biggest import markets of the group, but Cambodia and Indonesia seem to have the biggest implication for Nike. As of fiscal 2024, which ended in May 2024, Nike imported 27% of its Nike brand footwear from Indonesia and 15% from Cambodia. The 32% duty on Indonesia was identical to the one announced in April, while Cambodia's was lowered from 49% to 36%. Both were higher than Vietnam's at 20%. That was seen as a victory for Nike, as it was lower than the 46% announced back in April. Vietnam is its biggest manufacturing market. Investors seem to be taking the news in stride overall, as opposed to the "Liberation Day" tariff announcement back in April, when stocks crashed. Nike said in its recent quarterly earnings report that it expected tariffs to add $1 billion in costs this year, and it's unclear how this news will affect that. It does show that President Trump is serious about tariffs despite the 90-day pause, and Nike investors shouldn't ignore the headwinds around the trade war going forward. This won't be the last time we hear about it. Before you buy stock in Nike, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Nike wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $695,481!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $969,935!* Now, it's worth noting Stock Advisor's total average return is 1,053% — a market-crushing outperformance compared to 179% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 7, 2025 Jeremy Bowman has positions in Nike. The Motley Fool has positions in and recommends Nike. The Motley Fool has a disclosure policy. Why Nike Stock Was Sliding Today was originally published by The Motley Fool Sign in to access your portfolio
Washington Post
6 minutes ago
- Washington Post
Trump affirms 50% tariff on copper imports will start Aug. 1
President Donald Trump on Wednesday affirmed that the United States will levy a 50 percent tariff on copper imports starting Aug. 1, following through on an earlier statement that he would target a key metal used for semiconductors, lithium ion batteries, renewable energy technology and more. 'America will, once again, build a DOMINANT Copper Industry,' Trump said Wednesday evening on Truth Social.
