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U.S. stocks appear set for a weak opening on Thursday as President Donald Trump amped up the tariff war by sending letters detailing new levy rates to several countries after the July 9 deadline passed on Wednesday.
President Trump sent out tariff letters to the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka on Tuesday. He added Brazil to the list later, citing the prosecution of former Brazilian President Jair Bolsonaro.
This comes after President Trump slapped 25% tariffs on all goods imported from Japan and South Korea, and 12 other countries, starting August 1.
While Dow Jones futures edged lower by 0.18% at the time of writing, the S&P 500 futures were down 0.1%, and the tech-heavy Nasdaq 100’s futures fell 0.04%. Futures of the Russell 2000 index edged lower by 0.03%.
Meanwhile, the SPDR S&P 500 ETF Trust (SPY) was down 0.06% at the time of writing, while Invesco QQQ Trust (QQQ) edged lower by 0.01% on Thursday morning. Retail sentiment around the S&P 500 ETF on Stocktwits has been in the ‘bullish’ territory over the past week.
Asian markets ended Thursday’s trading session on a largely positive note, with the KOSPI leading with gains of 1.55%, followed by the TWSE Capitalization Weighted Stock index at 0.73%, Hang Seng at 0.57%, and the Shanghai Composite at 0.47%.
The Nikkei 225 declined 0.44%.
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Also See: EU Pushes For Trump Tariff ‘Stand-Still’ Clause Until A Trade Deal Is Reached: Report