Stock Futures Edge Lower after Trump Confirms August 1 Tariff Timeline
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On Sunday, President Trump and Commerce Secretary Howard Lutnick said that new tariffs will begin on August 1. Lutnick added that Trump is still deciding the final rates and terms of the tariffs. Trump agreed with that statement. Earlier in the day, Treasury Secretary Scott Bessent said on CNN that if no deal is reached by then, the tariffs will go back to the same levels as they were on April 2.
Adding to investor concern, Trump also warned that any country supporting the 'anti-American policies' of the BRICS group would face an additional 10% tariff on exports to the U.S.
Meanwhile, U.S. stock indexes ended the shortened week with solid gains, rising in three out of four sessions. The S&P 500 climbed 2.25% and the Nasdaq100 rose 1.87%, with both hitting new record highs. The Dow Jones also had a strong week, jumping 3.32% and finishing just under 1% below its all-time peak.
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