President Trump is threatening countries alongside the BRICS countries
President Donald Trump said in a true social post that countries along the BRICS face an additional 10% tariff.
After President Donald Trump announced tariffs in 14 countries, U.S. stocks have been mixed and formally signed an executive order to extend the “mutual” tariff deadline until August 1st.
The 14 countries include Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Japan, Laos, Malaysia, Myanmar, Serbia, South Africa, South Korea, Thailand and Tunisia. But Trump also said the notification was “not 100% solid,” leaving room for negotiations and delays.
Previously, Trump had threatened an additional 10% tariff on countries that were consistent with the “anti-American policies” of BRICS countries, including Brazil, Russia, India and China.
“The trade war headlines are regaining momentum, but that doesn’t mean they’re taking part in the repetitions in late March and early April,” said Etoro US Investment Analyst Bret Kenwell. “If we are confident that negotiations will continue or deadlines will be extended, the market may continue to shake off the headlines,” he says that a pullback with stocks of 5% to 10% may be a purchase opportunity.
Bank of America Equity and Quant Analyst Savita Subramanian has raised its year-end S&P 500 target from 5,600 to 6,300, and launched a 12-month goal of 6,600 with Corporate America’s Resilience. She noted that the company’s transparency remains intact, and the uncertainty in earnings per share remains close to post-pandemic lows.
At 9:39am (ET), the Blue Chip Dow soaked 0.16% (70.37 points) at 44,335.99. The Broad S&P 500 reduced its 0.02% (1.32 points) to 6,228.66. And Nadaq, which includes high-tech, rose 20,437.88 points to 0.12% (25.36 points). The benchmark 10-year yield rose to 4.435%.
“If any of these 14 countries don’t seal their reserve trade contracts (and assume that Trump won’t delay implementation for another month), the effective tariff rate on US imports will rise from 15.5% to 17.3%.” “It will push the norm for over 20th century — at 2.5% last year, but given the very calm impact of tariffs on US consumer prices up to now, tariff revenues are being recycled thanks to Republican megaville that just passed Congress, and fallout is manageable.”
The economists also pointed out that the European Union, India, Taiwan, Brazil, Turkey and Australia have not received customs letters. Some speculated that these countries could be close to trading. European Commissioner Olov Gill said the EU is still aiming to sign a deal by the July 9 deadline.
Cryptocurrency
Tesla CEO Elon Musk said his new American party will support Bitcoin.
Separately, Murano, a real estate company listed on NASDAQ, said that he recently bought 21 Bitcoin as he began accumulating digital currencies. It also signed share agreements of up to $500 million, primarily to buy Bitcoin.
Bitcoin last increased by 0.43% to $108,772.80.
Corporate News
- Amazon’s Prime Day sales will begin and run until July 11th. This is the first year the event ran for four days rather than two days. Stocks fell.
- Solar power generation such as Sunrun and First Solar fell after Trump issued an executive order to enforce a halt on the clean electricity tax credit earlier than expected. Sunran stocks fell 9.41%, while First Solar stocks fell 4.12%.
- Honeywell said it would evaluate strategic alternatives to two businesses serving the transportation and logistics industry. Stocks rose.
(This story has been updated with new information.)
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.
