Trump will slap 30% tariffs in Mexico and the EU starting August 1st
President Donald Trump wrote to leaders of Mexico and the European Union, saying they hadn’t done enough to leave the new tariffs.
U.S. stock futures rise as investors wait for the start of revenue from the biggest technology companies and tariff news.
Verizon and Domino pizzas will be reported before the opening bell, but the main event will take place later in the week. Alphabet and Tesla will be the first seven of the so-called magnificent seven big companies that reported revenues mid-week. Investors will look at the revenues to see if artificial intelligence spending is strong, or if President Donald Trump’s tariffs and trade disputes are affecting the outlook.
Over the weekend, U.S. Secretary of Commerce Howard Lutnick called a “strict deadline” for the state to begin paying tariffs on August 1, but added, “nothing will stop the country from talking to us after August 1.” However, he also expressed optimism that deals with the EU will be struck.
Meanwhile, the European Union is planning retaliatory tariffs if the Bullock cannot attack deals with the US, Bloomberg reported. This comes after FT said last week that the US is considering enacting a 15% to 20% tariff on all EU goods, with a few exceptions. Trump had previously threatened 30% tariffs on most EU imports since August 1.
At ET 6:43 AM ET, futures tied to 0.24% (106 points) on the Blue Chip Dowedge went to 44,646.00, while the Broad S&P 500 futures went to 0.26%, or 16.25 points, and 6,351.00, while the Tech-Laden Nasdaq futures scored 0.28%, or 66 points. The Nasdaq and S&P 500 remain near record highs.
Benchmark 10-year Treasury yield fell to 4.378%.
Key indicators for June are scheduled for 10am ET. Key indicators can be seen providing early warning signals for expected shifts in the business cycle.
Details of the battle between Trump and Powell
Trump denied the Wall Street Journal report. Treasury Secretary Scott Bescent said he persuaded the president not to fire Federal Reserve Chairman Jerome Powell.
Bescent reportedly warned Trump about possible economic and market impacts and the political and legal obstacles that such a move could face. He also said the Fed is already heading towards interest rate cuts later this year, with the economy going well and the markets responding aggressively under the president’s policies.
In a social media post, Trump disputed the explanation, saying that he didn’t need anyone to explain this to him. He already knows what’s good for the market and the US
Corporate News
- According to Stellantis, tariffs will cost around 300 miles of euros by the end of the year, with the figures expected to total between 1 billion and 1.5 billion euros. The worst result since it was created through the 2021 Fiat Chrysler and Peugeot merger was warned that it would throw a net loss of 2.3 billion euros in the first half of the year. The fact set lack of one-off effects said analyst consensus would have adjusted operating profit of 0.5 million euros compared to 1.9 billion euros. Stocks were 1.41% off in pre-market trading.
- Brock will be taking part in the S&P 500 mid-week.
- Microsoft’s server software was under attack. It encouraged customers to install new security updates.
- Alaska Airlines grounded its entire fleet for several hours over the weekend due to software outages.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
