Before the deadline, tariff signals are "chaotic," European and American stock index futures are under pressure, Tesla is down 7% in pre-market trading, Asian stock markets generally declined, and gold fell over 1%

With only two days left until the U.S. "tariff deadline" on July 9, the chaotic signals released by the Trump administration have caused global markets to become unsettled.

An article from Wall Street Insight mentioned that Trump stated he would complete tariff notifications for most countries before July 9, and Commerce Secretary Wilbur Ross immediately added that tariffs would take effect on August 1. Is the "reciprocal tariff" deadline July 9 or August 1? The market is confused. On Monday, most Asian stock markets fell, U.S. and European stock index futures were also under pressure, and commodity prices generally declined, with gold dropping more than $20 during the day, copper prices falling for the third consecutive day, and the dollar and U.S. Treasury bonds rising.

The performance of major global assets is as follows:

Most Asian stock markets fell: The Nikkei index and Thailand's SET index fell about 0.5%, and the MSCI Asia-Pacific index fell 0.6%;

U.S. and European stock index futures under pressure: The S&P 500 and Nasdaq 100 indices fell about 0.5%, and European stock futures fell about 0.8%;

Commodity prices generally declined: Gold dropped more than $20 during the day, copper prices fell for the third consecutive day, and WTI crude oil fell 1.4%;

The dollar rose: The dollar index slightly increased to 97.071, and the New Taiwan dollar fell 0.4% against the U.S. dollar;

U.S. Treasury bonds rose: The yield on 10-year U.S. Treasury bonds fell nearly 2 basis points to 4.326%.

【16:01】

Before the U.S. stock market opened, Tesla fell about 7% after Musk announced the establishment of the "American Party." ASML fell about 2%.

Chinese concept stocks were mixed, with XPeng down about 4%, Nio down about 2%, Bilibili up about 6%, and Li Auto up about 4%.

【15:50】

Spot gold fell 1% during the day, currently reported at $3,303.54 per ounce.

Asian stock markets generally declined, U.S. and European stock index futures under pressure, commodities broadly fell

Specifically, the Nikkei index and Thailand's SET index fell about 0.5%, and the MSCI Asia-Pacific index fell 0.6%. U.S. and European stock index futures were also under pressure, with S&P 500 and Nasdaq 100 futures both down about 0.5%; major European stock index futures fell.

The uncertainty of trade policies has caused widespread impacts on the commodity market. Commodity prices generally fell, with gold prices dropping nearly 0.7%, down more than $20 during the day, currently reported at $3,314 per ounce. Copper prices fell for the third consecutive day to $9,821 per ton, and prices of aluminum, zinc, and nickel also declined

Iron ore prices in Singapore fell 0.3% to USD 95.60 per ton. Dalian iron ore contracts and Shanghai steel futures also declined. The weak performance in the commodity market reflects investors' concerns about trade uncertainties and a cautious attitude towards global economic growth prospects.

Brent crude oil prices dropped 0.6% to USD 67.8 per barrel, while WTI crude oil prices fell 1.4% to USD 64.7 per barrel. The situation in oil prices, apart from the impact of tariff policies, was influenced by OPEC+'s agreement on Saturday to increase August production by 548,000 barrels per day, exceeding market expectations.

On the other hand, demand for safe-haven bonds increased, with the 10-year U.S. Treasury yield falling nearly 2 basis points to 4.326%. The yield on Japan's 30-year government bonds rose by 10 basis points to 2.965%.

The U.S. dollar index slightly increased to 97.071, while the euro to U.S. dollar exchange rate remained at 1.1771, close to last week's high of 1.1830. The Turkish lira fell below the 40 mark against the U.S. dollar. The New Taiwan dollar depreciated by 0.4% to 29.048 against the U.S. dollar.

Analysts at ANZ Bank noted: "The re-escalation of trade tensions coincides with major trading partners such as the EU, India, and Japan reportedly being at a critical stage in bilateral negotiations. If reciprocal tariffs are implemented as originally planned or even expanded, we believe this will exacerbate the downside risks to U.S. economic growth and increase the upside risks to inflation."

July 9 or August 1? Conflicting signals exacerbate market uncertainty

The tariff policy of the Trump administration has sent multiple signals at the last moment, making it difficult for the market to accurately judge the future direction.

According to Xinhua News Agency, U.S. President Trump announced on April 2 the imposition of so-called "reciprocal tariffs," which subsequently triggered global market turbulence. Under pressure from various parties, the Trump administration announced on April 9 a 90-day delay in imposing high "reciprocal tariffs" on some trading partners. However, it maintained a 10% "baseline tariff" while threatening U.S. trading partners to complete negotiations with the U.S. by July 8 According to the latest media reports, recently in response to a reporter's question about the effective date of tariffs, Trump stated that he would complete tariffs on most countries before July 9. However, Luthnick, who was beside Trump, immediately added, "But they will take effect on August 1."

U.S. Treasury Secretary Mnuchin also made similar remarks earlier. According to Xinhua News Agency, Treasury Secretary Mnuchin stated on the 6th that President Trump would send letters to trade partners this week, informing them of the planned tariff rates to be imposed by the U.S. For countries that fail to reach an agreement, the so-called "reciprocal tariffs" will take effect on August 1. U.S. media interpreted that Mnuchin's statement implied that the U.S. side tacitly allowed the July 9 deadline for tariff negotiations to be postponed by several weeks.

However, Mnuchin refused to call August 1 a new deadline.

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