Asian stock exchanges responded with mild enthusiasm following the latest move by US President Donald Trump to ramp up import tariffs. Meanwhile, the US dollar held steady and oil prices slipped slightly.
Wall Street took a downturn after Trump sent formal notifications to 14 countries, including Japan and South Korea, announcing sharp increases in import duties. The tariff hikes were deferred until August 1, giving markets temporary breathing room.
Japan's Nikkei index initially slipped but later recovered, buoyed by Trump's comment that the deadline was "firm, but not set in stone," implying that revisions might be possible for selected nations.
Australia's currency surged after the Reserve Bank of Australia unexpectedly decided to leave interest rates unchanged, defying widespread forecasts of a cut.
According to Tapas Strickland of National Australia Bank, investors reacted with caution, remembering Trump's earlier rollback of his so-called "Liberation Day" tariffs initially scheduled for April 2.
Back in April, the US capped reciprocal tariffs at 10 percent through July 9 to allow time for negotiations. However, only two agreements were reached — with the UK and Vietnam. A tentative framework was also established with China in June, offering a glimmer of stability in the ongoing trade conflict.
The US dollar rose 0.1 percent to 145.88 yen, hitting a two-week high. The euro climbed 0.3 percent to 1.1744 dollars, while the Australian dollar advanced 0.8 percent to 0.6541 dollars.
In an unexpected decision, the Reserve Bank of Australia kept its benchmark interest rate unchanged at 3.85 percent, catching markets off guard. The majority of board members expressed the need for further data confirming a sustained decline in inflation before considering any adjustments.
Commodities saw moderate losses. US crude oil fell by 0.5 percent to 67.61 dollars per barrel after nearly two percent growth on Monday. Spot gold slipped by 0.2 percent, continuing a cautious trend.
Futures on major European indices pointed downward. Euro Stoxx 50 and Germany's DAX both declined by 0.2 percent, while UK's FTSE dropped by 0.4 percent.
On Monday, President Donald Trump sent letters to 14 nations — including Japan and South Korea — warning of substantial tariff hikes on goods imported into the United States. These changes are scheduled to take effect on August 1. The original July 9 deadline for trade deals was postponed, though Trump noted that the new date could be flexible if countries present compelling counteroffers.
According to sources within the European Union, the bloc has not received any such letters from Washington. Meanwhile, EU officials are evaluating the possibility of securing exemptions from the standard US tariff rate of 10 percent.
In response to the shifting landscape, European real estate stocks dropped by 0.6 percent, while shares of companies in the basic resources sector climbed by 0.7 percent.
Shares of Belgian biotech company ArgenX climbed 1.4 percent after Deutsche Bank revised its outlook on the stock from hold to buy. The upgrade sparked renewed investor interest and gave the company's market position a notable boost.
Germany's export figures fell more than anticipated in May, with a second consecutive month of reduced demand from the United States. Analysts attribute the downturn to a slowdown in orders after an earlier surge in purchases ahead of expected US tariffs.
Gold prices hovered near unchanged levels on Tuesday as investors balanced safe-haven interest, driven by rising trade tensions, against higher yields on US Treasuries, which tend to dampen gold's appeal.
Spot gold edged down by 0.1 percent to 3331.85 dollars per ounce as of 0612 GMT. US gold futures were largely stable at 3341.80 dollars.
President Donald Trump has officially notified several trade partners — including Japan and South Korea — of a new round of tariff increases set to begin on August 1. The move marks an intensification of the tariff campaign launched earlier this year, with some imports facing a 25 percent duty.
Benchmark ten-year US Treasury yields hovered near a two-week high, making bonds more attractive to investors seeking returns. The resulting opportunity cost of holding non-yielding assets like gold has limited bullion's upward movement.
Beijing has issued a firm warning to the Trump administration, cautioning that the planned reimposition of tariffs on Chinese goods next month could reignite trade hostilities. In addition, China threatened retaliatory measures against any countries that enter into deals with the United States aimed at cutting China out of global supply networks.
The prospect of renewed tariffs has intensified fears about rising inflation, further complicating the Federal Reserve's already delicate path toward lowering interest rates. Uncertainty continues to weigh on monetary policy decisions.
Investors are focused on the upcoming release of the minutes from the Federal Reserve's June policy meeting, scheduled for Wednesday. The document is expected to shed light on the central bank's outlook and offer clues about future interest rate adjustments.
Precious metal prices showed limited volatility. Spot silver held steady at 36.75 dollars per ounce. Platinum dipped by 0.1 percent to 1368.93 dollars, while palladium edged up by 0.2 percent to reach 1112.88 dollars.
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