Waterfront city skyline of Sydney city downtown at night with bright illumination of modern architectural landmarks in Sydney, Australia.
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Asia-Pacific markets traded mostly lower on Monday after U.S. President Donald Trump confirmed that tariffs, first announced in April, will take effect on August 1 for countries that haven’t struck a deal.
Treasury Secretary Scott Bessent said Sunday that tariffs introduced in April will be enforced starting August 1 for countries that haven’t finalized an agreement with the Trump administration. While Bessent dismissed the notion that August 1 represents a fresh deadline, he acknowledged that the new date could allow trading partners additional time to renegotiate tariff terms.
Japan’s benchmark Nikkei 225 slipped 0.26% while the Topix declined 0.18%. South Korea’s Kospi fell 0.48% and the small-cap Kosdaq slipped 0.5%.
Australia’s S&P/ASX 200 was flat at the open.
Futures for Hong Kong’s Hang Seng index stood at 23,899, lower than its last close of 23,916.06.
The Reserve Bank of Australia kicks start its two-day meeting, where it is widely expected to cut rates by 25 basis points to 3.60%.
U.S. stock futures fell after Trump confirmed that tariffs are set to go into effect Aug. 1, not July 9. Dow Jones Industrial Average futures slid by 146 points, or 0.32%. S&P 500 futures and Nasdaq 100 futures dipped 0.39% and 0.42%, respectively.
Last Friday stateside, the three major averages closed higher. The S&P 500 and Dow Jones Industrial Average powered to new highs and capped off a winning week as banking behemoths ushered in a promising start to the third-quarter earnings season. The Nasdaq Composite added 0.33% to finish at 18,342.94 and less than 2% below its all-time high.
— CNBC’s Samantha Subin and Brian Evans contributed to this report.