#TrumpTariffs

Trump 10% hit on BRICS amid focus on July 9th US trade deals

ANALYSIS | 07/07/2025 06:15:56 GMT

Asia market update: Trump 10% hit on BRICS amid focus on July 9th US trade deals + new Aug 1st tariffs for at least 12 countries; OPEC+ increases output again; Focus on RBA Rate Decision tomorrow.

General trend

- US equity FUTs opened and stayed down -0.3% to -0.5% after the long US holiday weekend and following fresh record highs during Thursday’s US trading, seemingly not overly concerned about the possibility of significantly higher tariffs on some major US trading partners as Pres Trump on Friday said he signed 12 letters to various countries [unnamed] to be sent on Monday, July 7th from 12pm ET, ranging from "60-70%" or "10-20%". Countries to start paying the new tariffs on Aug 1st, which provides a window for further negotiations.

- THEN, Pres Trump posted out a ‘no exceptions’ extra 10% tariff on all BRICS nations that “align themselves with its ‘anti-American’ policies”.