US Futures Rise After Trump Delays EU Tariffs, Asian Markets Mixed

By Staff, Agencies

US futures climbed Monday after President Donald Trump announced a delay in his proposed 50% tariffs on European Union goods, offering markets some temporary relief. Meanwhile, most Asian stock markets posted losses.

Trump said he would postpone the tariffs until July 9 following a call with European Commission President Ursula von der Leyen, who, according to Trump, expressed readiness for "serious negotiations." Just days earlier, he had warned that trade talks with the EU were stalled and threatened to impose the tariffs starting June 1.

Following the announcement, futures for the S&P 500 rose 1%, and the Dow Jones Industrial Average futures increased by 0.8%.

In Asia, markets reacted unevenly. Tokyo’s Nikkei 225 rose 0.9% to 37,510.71, and South Korea’s Kospi jumped 1.4% to 2,627.09. However, Hong Kong’s Hang Seng dropped 1.2% to 23,330.21, and the Shanghai Composite edged down 0.1% to 3,343.86. Australia’s S&P/ASX 200 was flat, closing at 8,360.50, while other regional markets also mostly declined.

On Friday, US stocks had closed lower as investors debated whether Trump’s tariff threats were part of a negotiation strategy. The S&P 500 fell 0.7% to 5,802.82, marking its worst week in nearly two months. The Dow slipped 0.6% to 41,603.07, and the Nasdaq composite lost 1% to 18,737.21.

Tech giant Apple dragged down the S&P 500 after Trump said he urged CEO Tim Cook to relocate iPhone production to the US. He warned that if not, Apple could face a minimum 25% tariff. Later, Trump clarified that the proposed tariff would apply to all smartphones made abroad, including those from Samsung, in the name of fairness.

Trump has frequently singled out companies like Apple and Walmart, criticizing them for responding to tariff pressures. Walmart previously warned it would raise prices, prompting Trump to suggest the company "eat the tariffs."

Amid ongoing economic uncertainty, several companies have withdrawn their financial forecasts. Deckers Outdoor, maker of Hoka and Uggs, saw its stock plummet 19.9% despite beating earnings expectations. Ross Stores fell 9.8% after suspending its annual outlook, citing that over half of its merchandise comes from China.

On the upside, Intuit gained 8.1% following better-than-expected earnings. Stocks in the nuclear sector also rallied after Trump signed executive orders aimed at accelerating nuclear power development. Oklo, a startup focused on fast fission reactors, surged 23%.

Trump’s fluctuating trade policy continues to rattle Wall Street. The S&P 500 had dropped nearly 20% from its peak at the height of tariff fears last month, before recovering to within 3% of its record high after Trump paused tariffs on several key countries, notably China.

Elsewhere Monday, US benchmark crude oil added 22 cents to $61.75 per barrel, while Brent crude gained 21 cents to $64.42. The dollar edged up to 142.60 yen from 142.48 yen, and the euro rose to $1.1412 from $1.1367.