Stocks fell along with equity-index futures as President Donald Trump ratcheted up trade tensions again ahead of next week’s deadline for higher tariffs.
A gauge of Asian equities retreated 0.3%, with South Korean shares leading with a 1.6% drop. Trump said his administration may begin sending out letters to trading partners as soon as Friday, setting unilateral tariff rates, ahead of the July 9 deadline for negotiations.
Equity-index futures for the US and Europe both declined by 0.3%. Gold rose 0.5% while the dollar dipped 0.2%.
There’s no cash trading in Treasuries due to a holiday in the US Friday. Investors are staying on the sidelines awaiting outcomes from various trade negotiations amid the current pause on Trump’s April tariffs, which he put on hold for 90 days to allow time for talks.
Stocks have rallied to record highs as initial concerns that the levies will push the US into a recession have eased. On Thursday, the US jobs growth exceeded expectations and all but erased bets for a July rate cut.
