ASX to slip; Orica appoints Vik Bansal as next chairman

Australian shares are set to slip in line with mostly narrow losses in New York as investors try to determine how to interpret US President Donald Trump’s trade comments.

Trump told reporters at the White House on Tuesday (Wednesday AEST) that he has no plans to extend the imposition of new tariffs from August 1. He also said he expects to send the EU a letter on trade terms within days.

The US president also said he is considering a 50 per cent duty on copper imports soon and is considering hitting the pharmaceutical sector with levies up to 200 per cent, though he is in no rush to do so.

Source: https://www.afr.com/markets/equity-markets/asx-set-for-muted-open-amid-us-trade-clouds-20250709-p5mdjq