Australian shares are poised to open lower after US President Donald Trump threatened 25 per cent tariff rates on both Japan and South Korea as of August 1, leading US equities lower.
All three US benchmarks fell, though each ended above their session lows. Losses were broad with 25 of the Dow’s 30 components ending down. Consumer discretionary paced nine of the S&P 500’s industry sectors lower.
Tesla shed 6.8 per cent as Elon Musk’s plan to start a new political party in the US dashed hopes that he was set to renew his focus on the EV maker, which has seen sales evaporate this year.
The president sent each nation a letter detailing his plans; he’s expected to send about 12 letters on Monday (Tuesday AEST). At a White House briefing, his spokeswoman said the deadline for trade deals will formally later on Monday be pushed to August 1 from July 9.
Source: https://www.afr.com/markets/equity-markets/asx-to-fall-wall-st-tumbles-on-renewed-us-trade-wars-20250708-p5md95