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Europe eked out small gains but Wall Street mostly fell Tuesday as President Donald Trump added tariff threats on copper and pharmaceuticals to his broadening trade agenda.Trump announced plans for a 50 percent duty on copper imports and a potential 200 percent levy on pharmaceuticals a day after the White House sent letters to Japan, South Korea and other countries about tariffs to kick in August 1.The announcement set off a surge in copper prices, which vaulted around 10 percent in New York, setting off a new record for the metal.The effect on equities was more muted. Both the Dow and S&P 500 finished modestly lower after a rollercoaster day, while the Nasdaq was flat.In contrast to Trump’s spring tariff announcements, which sent equities sharply lower, the market is “somewhat shaking it off,” said Victoria Fernandez of Crossmark Global Investments, who noted Trump’s record of tempering tariffs that were initially severe.The market is in a “wait and see mode,” Fernandez said.EToro US investment analyst Bret Kenwell sees investors as being torn between risk and opportunity.”While trade tension may be on the rise again, investors should remember that we’re just one session removed from record highs in the S&P 500 and Nasdaq,” he said. Asian equity markets ended mostly higher, including a 0.3 percent gain in Tokyo following the threatened 25 percent US levy on Japan.”Tokyo’s resilience suggested that investors are treating the move as a headline risk rather than a market-altering shock — at least for now,” said David Morrison, senior market analyst at Trade Nation.Wendy Cutler, vice president at the Asia Society Policy Institute, said the levies on Japan and South Korea “will send a chilling message to others.””Both have been close partners on economic security matters,” she said, adding that companies from both countries had made “significant manufacturing investments in the US in recent years.”The dollar was trading mixed against main rivals while oil prices recovered from earlier dips as Brent crude clambered back above the $70 mark.JPMorgan Chase and Bank of America fell more than three percent and Goldman Sachs dropped nearly two percent following downgrades from HSBC Securities.A note from HSBC called valuations of the banks “increasingly stretched.” While the banks’ operating fundamentals “appear healthy,” macro uncertainties and slower economic growth “seem to be downplayed,” it said.- Key figures at around 1545 GMT -New York – Dow: DOWN 0.4 percent at 44,240.76 (close)New York – S&P 500: DOWN 0.1 percent at 6,225.52 (close)New York – Nasdaq Composite: FLAT at 20,418.46 (close)London – FTSE 100: UP 0.5 percent at 8,854.18 (close)Paris – CAC 40: UP 0.6 percent at 7,766.71 (close)Frankfurt – DAX: UP 0.6 percent at 24,206.91 (close)Tokyo – Nikkei 225: UP 0.3 percent at 39,688.81 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 24,148.07 (close)Shanghai – Composite: UP 0.7 percent at 3,497.48 (close)Euro/dollar: UP at $1.1730 from $1.1709 on MondayPound/dollar: DOWN at $1.3592 from $1.3602Dollar/yen: UP at 146.53 yen from 146.05 yenEuro/pound: UP at 86.27 pence from 86.07 penceWest Texas Intermediate: UP 0.9 percent at $68.33 per barrelBrent North Sea Crude: UP 0.8 percent at $70.15 per barrelburs-jmb/jgc

President Donald Trump said Tuesday that he would not extend an August 1 deadline for higher US tariffs to take effect on dozens of economies, while announcing plans for a separate 50 percent duty on copper imports.The copper levy would broaden a slate of sector-specific actions Trump has imposed since returning to the White House, and sent prices for the metal soaring.”Today we’re doing copper,” the president told a cabinet meeting Tuesday. “I believe the tariff on copper, we’re going to make it 50 percent.”Commerce Secretary Howard Lutnick told CNBC shortly afterward that the rate will likely be implemented at the end of July or on August 1.Trump also said Washington would soon make an announcement on pharmaceuticals, but officials would allow manufacturers time to relocate their operations into the country.”We’re going to give people about a year, a year and a half to come in, and after that, they’re going to be tariffed,” he said. “They’re going to be tariffed at a very, very high rate, like 200 percent.”In recent months, Trump has ordered probes into imports of copper, pharmaceuticals, lumber, semiconductors and critical minerals that could lead to further levies.Lutnick told CNBC that the studies on pharmaceuticals and semiconductors would be completed by the end of the month, with Trump to set policies thereafter.Beyond tariffs impacting sectors, Trump also slapped a sweeping 10 percent tariff on goods from almost all trading partners in April.These would have swiftly risen to steeper levels for dozens of economies including the European Union and Japan, but Trump paused their implementation until July 9.The president this week again delayed their reimposition, pushing it to August 1 while insisting that “no extensions will be granted.”- ‘No extensions’ -In a push for further trade deals, Trump sent a first batch of letters to more than a dozen partners on Monday, including key US allies Japan and South Korea.Products from both countries would be hit with 25 percent duties, Trump wrote in near-identical documents to leaders in Tokyo and Seoul.Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties between 25 percent and 40 percent.Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia received notably lower levels.In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies.Lutnick said 15 to 20 more letters could go out in the next two days.Trump added Tuesday that members of the emerging BRICS bloc of nations will face an added 10 percent tariff.- ‘Two days off’ -The Trump administration is under pressure to show results after promising a flurry of deals following its tariff threats.For now, Trump insists that “big money will start coming in on August 1.” Treasury Secretary Scott Bessent added at the cabinet meeting that tariff income could exceed $300 billion by year-end.Trump said Washington was “probably two days off” from sending the EU a letter setting out an updated tariff rate for the bloc.”They’re very tough, but now they’re being very nice to us,” he said.So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back tit-for-tat levies with China.Lutnick expects to start a “bigger trade conversation” between Washington and Beijing in early August, alongside Bessent and trade envoy Jamieson Greer.And US talks with Britain are ongoing over steel and aluminum.Trump recently doubled tariffs on imports of both metals to 50 percent while exempting the UK from this increase. But Washington could double the levy on UK steel and aluminum too starting Wednesday, if it determined that London had not complied with the terms of their deal.In threatening tariff hikes on various countries, Trump cites a lack of reciprocity in trading ties.

Europe eked out small gains but Wall Street was flat Tuesday after President Donald Trump extended his tariffs deadline and hinted at a further pushback, though uncertainty over US trade policy capped gains.Shortly before the three-month pause on his “Liberation Day” tariffs was set to expire, Trump said he would give governments an extra three weeks to hammer out deals to avoid sky-high levies on exports to the world’s biggest economy.”The Trump administration’s latest announcements on tariffs offered some relief to financial markets,” noted AJ Bell investment analyst Dan Coatsworth.”On the flipside, this only extends the uncertainty with markets likely to spend the next three weeks trying to guess the ultimate outcome.”Trump has sent out letters to more than a dozen countries — including top trading partners Japan and South Korea — setting out what he intends to charge should they not reach agreements by August 1, which replaces Wednesday’s deadline.Investors tentatively welcomed the delay amid hopes officials will be able to reach deals with Washington, with some observers seeing the latest move by the president as a negotiation tactic.The letters said Japan and South Korea would be hit with 25-percent tariffs, while Indonesia, Bangladesh, Thailand, South Africa and Malaysia faced duties ranging from 25 percent to 40 percent.When asked if the new deadline was set in stone, the president said: “I would say firm, but not 100 percent firm.”Wall Street stood flat two hours into trading while London, Paris and Frankfurt all ended with meagre gains of around 0.5 percent at the close.  EToro US investment analyst Bret Kenwell sees investors as being torn between risk and opportunity.”While trade tension may be on the rise again, investors should remember that we’re just one session removed from record highs in the S&P 500 and Nasdaq,” he said. Asian equity markets ended mostly higher, including a 0.3 percent gain in Tokyo.”Tokyo’s resilience suggested that investors are treating the move as a headline risk rather than a market-altering shock — at least for now,” said David Morrison, senior market analyst at Trade Nation.Wendy Cutler, vice president at the Asia Society Policy Institute, said the levies on Japan and South Korea “will send a chilling message to others”.”Both have been close partners on economic security matters,” she said, adding that companies from both countries had made “significant manufacturing investments in the US in recent years”.The dollar was trading mixed against main rivals while oil prices recovered from earlier dips as Brent crude clambered back to the $70 mark.- Key figures at around 1545 GMT -New York – Dow: FLAT at 44,346.89 pointsNew York – S&P 500: FLAT at 6,319.49New York – Nasdaq Composite: FLAT 0.2 percent at 20,413.80London – FTSE 100: UP 0.5 percent at 8,854.18 (close)Paris – CAC 40: UP 0.6 percent at 7,766.71 (close)Frankfurt – DAX: UP 0.6 percent at 24,206.91 (close)Tokyo – Nikkei 225: UP 0.3 percent at 39,688.81 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 24,148.07 (close)Shanghai – Composite: UP 0.7 percent at 3,497.48 (close)Euro/dollar: DOWN at $1.1708 from $1.1710 on MondayPound/dollar: DOWN at $1.3567 from $1.3602Dollar/yen: UP at 146.83 yen from 146.13 yenEuro/pound: UP at 86.30 pence from 86.09 penceWest Texas Intermediate: UP 0.4 percent at $68.22 per barrelBrent North Sea Crude: UP 0.2 percent at $70.01 per barrelburs-cw/giv

President Donald Trump said Tuesday that he would not extend an August 1 deadline for higher US tariffs to take effect on dozens of economies, a day after he appeared to signal flexibility on the date.While Trump imposed a sweeping 10 percent tariff on goods from almost all trading partners in April, higher rates customized to dozens of economies were unveiled, then halted until July 9.But the president this week again delayed their reimposition, pushing it back to August 1.Trump insisted that there would be no further delay in the tariffs. “There will be no change,” he posted on Truth Social. He added that levies would start being paid on August 1, in line with letters now being sent out to trading partners.”No extensions will be granted,” Trump said.On Monday night, Trump had told reporters at a dinner that the August 1 deadline was “firm, but not 100 percent firm.”Pressed on whether the letters were his final offer, Trump replied: “I would say final — but if they call with a different offer, and I like it, then we’ll do it.”In a push for further trade deals, Trump sent letters to more than a dozen partners on Monday, including key US allies Japan and South Korea.Products from both countries would be hit with 25 percent duties, Trump wrote in near-identical letters to leaders in Tokyo and Seoul.Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties ranging from 25 percent to 40 percent.In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies.Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia saw notably lower levels.The Trump administration is under pressure to show results after promising a flurry of deals following the US president’s tariff threats.So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back staggeringly high tit-for-tat levies with China.In threatening tariff hikes on various economies, Trump cited in his letters a lack of reciprocity in trading ties.He also warned that goods transshipped to avoid higher duties would be subjected to steeper levels.But he added that if countries were willing to adjust their trade policies, Washington “will, perhaps, consider an adjustment to this letter.”He said in the letters that tariffs could be modified “upward or downward, depending on our relationship with your Country.”

Major stock markets mostly rose Tuesday after President Donald Trump extended his tariffs deadline and hinted at a further pushback, though uncertainty over US trade policy capped gains.Shortly before the three-month pause on his “Liberation Day” tariffs was set to expire, Trump said he would give governments an extra three weeks to hammer out deals to avoid sky-high levies on exports to the world’s biggest economy.”The Trump administration’s latest announcements on tariffs offered some relief to financial markets,” noted AJ Bell investment analyst Dan Coatsworth.”On the flipside, this only extends the uncertainty with markets likely to spend the next three weeks trying to guess the ultimate outcome.”The dollar traded mixed against main rivals and oil prices dropped.Trump has sent out letters to more than a dozen countries — including top trading partners Japan and South Korea — setting out what he intends to charge should they not reach agreements by August 1, which replaces Wednesday’s deadline.Investors tentatively welcomed the delay amid hopes officials will be able to reach deals with Washington, with some observers seeing the latest move by the president as a negotiation tactic.The letters said Japan and South Korea would be hit with 25-percent tariffs, while Indonesia, Bangladesh, Thailand, South Africa and Malaysia faced duties ranging from 25 percent to 40 percent.When asked if the new deadline was set in stone, the president said: “I would say firm, but not 100 percent firm.”And asked whether the letters were his final offer, he replied: “I would say final — but if they call with a different offer, and I like it, then we’ll do it.”While Wall Street’s three main indices ended down Monday — with the S&P 500 and Nasdaq back from record highs — leading Asian and European stock markets rose.Wendy Cutler, vice president at the Asia Society Policy Institute, said the levies on Japan and South Korea “will send a chilling message to others”.”Both have been close partners on economic security matters,” she said, adding that companies from both countries had made “significant manufacturing investments in the US in recent years”.- Key figures at around 1030 GMT -London – FTSE 100: UP 0.2 percent at 8,823.12 pointsParis – CAC 40: FLAT at 7,722.91Frankfurt – DAX: UP 0.4 percent at 24,165.13Tokyo – Nikkei 225: UP 0.3 percent at 39,688.81 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 24,148.07 (close)Shanghai – Composite: UP 0.7 percent at 3,497.48 (close)New York – Dow: DOWN 0.9 percent at 44,406.36 (close)Euro/dollar: UP at $1.1732 from $1.1710 on MondayPound/dollar: DOWN at $1.3585 from $1.3602Dollar/yen: UP at 146.29 yen from 146.13 yenEuro/pound: UP at 86.34 pence from 86.09 penceWest Texas Intermediate: DOWN 0.4 percent at $67.67 per barrelBrent North Sea Crude: DOWN 0.2 percent at $69.45 per barrel

As Cambodian garment workers took breaks from toiling in sweltering factories on Tuesday, they feared for their jobs after US President Donald Trump’s threat to impose a 36 percent tariff.”I beg the US to reduce the tariff for the sake of workers in Cambodia,” 38-year-old Im Sothearin told AFP as she rested from her work in an underwear factory in the capital Phnom Penh.”If they charge a high tariff, it is only workers who are going to suffer,” said the mother-of-three who earns only $300 a month.”Factories might be closed or workers will have their wages lowered, or be forced to work faster.”Cambodia — a major manufacturer of low-cost clothing for Western brands — was among the nations hardest hit by Trump’s “Liberation Day” blitz of tariff threats in April.The US president originally outlined a 49-percent rate if Cambodia failed to broker a deal with Washington. On Monday, he lowered it to 36 percent and extended the negotiation deadline to August 1.While the levy is lower than the original eye-watering figure, it has done little to allay anxieties.”If the tariff is that high, companies won’t have money to pay,” 28-year-old pregnant worker Sreymom, who goes by only one name, told AFP as she bought fruit on her lunch break.”I am worried that we won’t have jobs to do,” the 11-year veteran of the factory floor said. “I want the tariff to be reduced more.”Cambodia’s chief negotiator in talks with Washington called the reduction in the proposed rate — announced in a letter among more than a dozen Trump despatched to trade partners — a “huge victory”.”We are so successful in negotiations,” Deputy Prime Minister Sun Chanthol told reporters in Phnom Penh. “We still have a chance to negotiate further to reduce the tariff rate more.”But back in April commerce ministry spokesman Penn Sovicheat told AFP that harsh US tariffs on his country were “not reasonable”.Cambodia said it had about $10 billion in exports to the United States last year, mainly garment products.The nation has been paying a 10-percent standby rate as negotiators rush to make a deal.Many factories in Cambodia are Chinese-owned. The White House previously accused the kingdom of allowing Chinese goods to stop over on the way to US markets, thereby skirting steeper rates imposed on Beijing.Yi Mom has had a two-decade career in the garment industry. But she frets it may be ended if Cambodia fails to soften the blow threatened by the United States.”I fear that the high tariff will affect factories and will result in fewer jobs for workers,” said the 47-year-old.”Then we will have low wages and will not be able to support our families.”

Stocks rose Tuesday as traders cautiously welcomed Donald Trump’s extension of his tariff deadline and indication he could push it back further, though uncertainty over US trade policy capped gains.Days before the three-month pause on his “Liberation Day” tariffs was set to expire, the US president said he would give governments an extra three weeks to hammer out deals to avoid paying sky-high levies for exports to the world’s biggest economy.That came as he sent out letters to more than a dozen countries — including top trading partners Japan and South Korea — setting out what he had decided to charge if they did not reach agreements by the new August 1 target date.Investors tentatively welcomed the delay amid hopes officials will be able to reach deals with Washington, with some observers seeing the latest move by the president as a negotiation tactic.The letters said Japan and South Korea would be hit with 25 percent tariffs, while Indonesia, Bangladesh, Thailand, South Africa and Malaysia faced duties ranging from 25 percent to 40 percent.When asked if the new deadline was set in stone, the president said: “I would say firm, but not 100 percent firm.”And asked whether the letters were his final offer, he replied: “I would say final — but if they call with a different offer, and I like it, then we’ll do it.”While Wall Street’s three main indexes ended down — with the S&P 500 and Nasdaq back from record highs — Asian markets mostly rose.Tokyo and Seoul advanced, while there were also gains in Hong Kong, Shanghai, Wellington, Manila, Jakarta, Mumbai and Singapore. London and Frankfurt all rose at the open, though Paris was flat.The White House has for weeks said that numerous deals were in the pipeline, with Treasury Secretary Scott Bessent claiming Monday that “we are going to have several announcements in the next 48 hours”.But so far only two have been finalised, with Vietnam and Britain, while China reached a framework to slash eye-watering tit-for-tat levies.Asia Society Policy Institute vice president Wendy Cutler said the levies on Japan and South Korea “will send a chilling message to others”.”Both have been close partners on economic security matters,” she said, adding that companies from both countries had made “significant manufacturing investments in the US in recent years”.For his part, Japan’s Prime Minister Shigeru Ishiba said Sunday that he “won’t easily compromise”.National Australia Bank’s Tapas Strickland said there remained a lot of uncertainty among investors.”If the agreement with Vietnam is anything to go by, then countries… the US has a trade deficit with look destined to have a 20 percent tariff, and those… the US has a trade surplus with a 10 percent tariff,” he wrote in a commentary. “That could mean eventual tariff rates settle higher than what the current consensus is, which is broadly for a 10 percent across the board tariff with a higher tariff on China.”Without further clarity, though, markets will have trouble pricing these different scenarios, especially given Trump’s quick reversal following the market reaction in response to the initial Liberation Day tariffs.”- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 39,688.81 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 24,148.07 (close)Shanghai – Composite: UP 0.7 percent at 3,497.48 (close)London – FTSE 100: UP 0.1 percent at 8,814.50 Euro/dollar: UP at $1.1765 from $1.1710 on MondayPound/dollar: UP at $1.3646 from $1.3602Dollar/yen: DOWN at 146.03 yen from 146.13 yenEuro/pound: UP at 86.20 pence from 86.09 penceWest Texas Intermediate: DOWN 0.3 percent at $67.76 per barrelBrent North Sea Crude: DOWN 0.1 percent at $69.52 per barrelNew York – Dow: DOWN 0.9 percent at 44,406.36 (close)

Bangladesh, the world’s second-biggest garment manufacturer, holds hope to reduce the 35 percent tariff that US President Donald Trump said he will impose, the country’s top commerce official told AFP on Tuesday.Textile and garment production accounts for about 80 percent of exports in Bangladesh and the industry has been rebuilding after it was hit hard in a student-led revolution that toppled the government last year.”There is a hope for getting a reduced rate of tariffs as USTR (Office of the United States Trade Representative) sent another draft document for review,” Commerce Secretary Mahbubur Rahman told AFP.Rahman said the South Asia nation’s national security adviser and commerce adviser were “working on the issue” in the United States.Bangladesh exported $8.36 billion worth of goods to the United States in 2024, while imports from there amounted to $2.21 billion, according to the Bangladesh Bank and the National Board of Revenue.US clothing companies that source products from Bangladesh range from Fruit of the Loom to Levi Strauss to VF Corp — whose brands include Vans, Timberland and The North Face.Trump hit Bangladesh with 37 percent tariffs in an April 2 announcement, but in a letter issued Tuesday, the US leader said it would now be 35 percent.That is more than double the 16 percent already placed on cotton products.Dhaka has proposed to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump has used as justification for imposing painful levies.Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), called it “a big challenge for the garment sector”.”We had expected the tariff imposed on us to be between 10 to 20 percent,” he said, adding he expected Dhaka’s interim leader Muhammad Yunus to “raise the issue with the United States”.Former BGMEA director Mohiuddin Rubel warned the impact as tariffs stand would be dire.”The new tariffs raise worries about job losses in Bangladesh as the US is its main export market,” he said.”Bangladesh needs to act quickly by engaging US importers to push for policy changes, resuming high-level trade talks, and highlighting the importance of its products.”

US President Donald Trump reignited his trade war by threatening more than a dozen countries with higher tariffs Monday — but then said he may be flexible on his new August deadline to reach deals.Trump sent letters to trading partners including key US allies Japan and South Korea, announcing that duties he had suspended in April would snap back even more steeply in three weeks.Tokyo and Seoul would be hit with 25 percent tariffs on their goods, he wrote. Countries including Indonesia, Bangladesh, Thailand, South Africa and Malaysia were slapped with duties ranging from 25 percent to 40 percent.But in a move that will cause fresh uncertainty in a global economy already unsettled by his tariffs, the 79-year-old once again left the countries room to negotiate a deal.”I would say firm, but not 100 percent firm,” Trump told reporters at a dinner with visiting Israeli Prime Minister Benjamin Netanyahu when asked if August 1 deadline was firm.Pressed on whether the letters were his final offer, Trump replied: “I would say final — but if they call with a different offer, and I like it, then we’ll do it.”The US president had unveiled sweeping tariffs on imports on what he called “Liberation Day” on April 2, including a baseline 10 percent tariff on all countries.But he quickly suspended all tariffs above 10 percent for 90 days following turmoil in the markets. They were due to kick back in on Wednesday and Trump sent the letters in advance of that deadline.Trump’s near-identically worded letters to Japanese and South Korean leaders said he would impose 25 percent tariffs as their trading relationships with Washington were “unfortunately, far from Reciprocal.”He warned of further escalation if there was retaliation against the levies.But Trump on Monday also signed an order formally extending the Wednesday deadline, postponing it to August 1.- ‘President’s prerogative’ -The new August date effectively marks a further delay — and Trump’s latest comments threaten to compound the uncertainty over when the deadline really is.According to letters posted to Trump’s Truth Social platform, products from Indonesia will face a 32 percent tariff, while the level for Bangladesh is 35 percent and Thailand, 36 percent.Most countries receiving letters so far had duties similar or unchanged from rates threatened in April, although some like Laos and Cambodia saw notably lower levels.The Trump administration is under pressure to show results after promising “90 deals in 90 days.” So far only two firm deals have emerged, with Britain and Vietnam, plus an agreement to dial back super-high tit-for-tat tariffs with China.Japan’s Prime Minister Shigeru Ishiba said at a cabinet meeting Monday that the announcement of the 25 percent tariffs is “genuinely regrettable,” local media reported.South Korea’s National Security Adviser Wi Sung-lac meanwhile met with his US counterpart Marco Rubio in Washington, expressing hope that a bilateral summit could soon be held to achieve “mutually beneficial outcomes across key pending issues.”Asked why Trump opted to start with Japan and South Korea, White House Press Secretary Karoline Leavitt said: “It’s the president’s prerogative, and those are the countries he chose.”Thailand’s acting prime minister Phumtham Wechayachai said Tuesday he wanted a “better deal” than the 36 percent tariff Trump threatened to impose, adding: “The most important thing is that we maintain good relations with the US.”Malaysia said it was “committed to continuing engagement with the US towards a balanced, mutually beneficial, and comprehensive trade agreement,” its trade ministry said in a statement, after Washington imposed a 25 percent tariff on the Southeast Asian nation.US Treasury Secretary Scott Bessent said Monday that there would be more deals coming up: “We are going to have several announcements in the next 48 hours.”Major US stock indexes fell from records Monday on Trump’s fresh threats. The Nasdaq tumbled 0.9 percent and the S&P 500 lost 0.8 percent.Trump has also threatened an extra 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of “Anti-American policies” after they slammed his duties at a summit.But partners are still rushing to avert Trump’s tariffs altogether.The European Commission said EU chief Ursula von der Leyen had a “good exchange” with Trump on trade when the pair spoke Sunday.

Most stocks rose Tuesday as traders cautiously welcomed Donald Trump’s extension of his tariff deadline and indication he could push it back further, though uncertainty over US trade policy capped gains.Days before the three-month pause on his “Liberation Day” tariffs was set to expire, the US president said he would give governments an extra three weeks to hammer out deals to avoid paying sky-high levies for exports to the world’s biggest economy.That came as he sent out letters to over a dozen countries — including top trading partners Japan and South Korea — setting out what he had decided to charge if they did not reach agreements by the new August 1 target date.Investors tentatively welcomed the delay amid hopes officials will be able to reach deals with Washington, with some observers seeing the latest move by the president as a negotiation tactic.The letters said Tokyo and Seoul would be hit with 25 percent tariffs, while Indonesia, Bangladesh, Thailand, South Africa and Malaysia faced duties ranging from 25 percent to 40 percent.When asked if the new deadline was set in stone, the president said: “I would say firm, but not 100 percent firm.”And asked whether the letters were his final offer, he replied: “I would say final — but if they call with a different offer, and I like it, then we’ll do it.”While Wall Street’s three main indexes ended down — with the S&P 500 and Nasdaq back from record highs — Asian markets mostly rose.Tokyo and Seoul advanced, while there were also gains in Hong Kong, Shanghai and Singapore. Sydney, Wellington and Taipei fell. Manila and Jakarta were flat.The White House has for weeks said that numerous deals were in the pipeline, with Treasury Secretary Scott Bessent claiming Monday that “we are going to have several announcements in the next 48 hours”.But so far only two have been finalised, with Vietnam and Britain, while China reached a framework to slash eye-watering tit-for-tat levies.Asia Society Policy Institute Vice President Wendy Cutler said the levies on Japan and South Korea “will send a chilling message to others”.”Both have been close partners on economic security matters,” she said, adding that companies from both countries had made “significant manufacturing investments in the US in recent years”.For his part, Japan’s Prime Minister Shigeru Ishiba said Sunday that he “won’t easily compromise”.National Australia Bank’s Tapas Strickland said there remained a lot of uncertainty among investors.”If the agreement with Vietnam is anything to go by, then countries… the US has a trade deficit with look destined to have a 20 percent tariff, and those… the US has a trade surplus with a 10 percent tariff,” he wrote in a commentary. “That could mean eventual tariff rates settle higher than what the current consensus is, which is broadly for a 10 percent across the board tariff with a higher tariff on China.”Without further clarity, though, markets will have trouble pricing these different scenarios, especially given Trump’s quick reversal following the market reaction in response to the initial Liberation Day tariffs.”- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 39,711.29 (break)Hong Kong – Hang Seng Index: UP 0.5 percent at 23,996.70Shanghai – Composite: UP 0.2 percent at 3,479.65Euro/dollar: UP at $1.1745 from $1.1710 on MondayPound/dollar: UP at $1.3634 from $1.3602Dollar/yen: DOWN at 146.10 yen from 146.13 yenEuro/pound: UP at 86.15 pence from 86.09 penceWest Texas Intermediate: DOWN 0.7 percent at $67.45 per barrelBrent North Sea Crude: DOWN 0.6 percent at $69.16 per barrelNew York – Dow: DOWN 0.9 percent at 44,406.36 (close)London – FTSE 100: DOWN 0.2 percent at 8,806.53 (close)