Asian shares mostly fell Monday (Jul 7) as the Trump administration stepped up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline, with plans for the United States to start sending letters warning countries that higher tariffs could take effect on Aug 1.
While the White House has said several deals were in the pipeline, only two have been finalised ahead of the Jul 9 cut-off set by Trump.
Governments from major trading partners, including Japan, India, the European Union and South Kore,a have fought for the past three months to get agreements.
But Trump said he will send his first tariff letters at 4pm GMT on Monday, setting out what Washington will charge for doing business with the United States.
He said an extra 10 per cent would be added to any country “aligning themselves with the anti-American policies of BRICS”, an 11-member alliance including Brazil, Russia, India and China.
Tariff uncertainty weighed on equity markets, with Tokyo, Hong Kong, Sydney, Wellington, Taipei, Mumbai and Bangkok all down, although there were small gains in Singapore, Seoul, Jakarta and Manila. Shanghai was flat.
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