U.S. stock futures decreased sharply following President Trump's announcement about imminent tariffs. Trump indicated that he would send letters to countries detailing tariffs, ranging from 10% to 70%, effective August 1. This announcement comes just before the July 9 expiration of a temporary pause on tariffs. Market futures fell across major indices, indicating investor concern regarding trade policy. Oil and commodity prices also experienced minor declines as the administration's negotiations with trade partners continue, with some expecting last-minute concessions to extend the tariff pause for many countries.
U.S. stock futures tumbled after President Trump announced he would start sending out letters indicating upcoming tariffs, which could reach up to 70%. The rates would be effective from Aug. 1, following the expiration of a temporary tariff pause.
As the July 9 deadline approached, Wall Street anticipated an extension of the tariff pause, although it was suggested that some countries might face harsher rates.
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