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US pre-open: Futures lower after Trump hits Canada with fresh tariffs
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Friday after Donald Trump announced a new 35% tariff on Canadian imports. As of 1225 BST, Dow Jones futures were down 0.69%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.65% and 0.57% weaker, respectively.
The Dow closed 192.34 points higher on Thursday, while the S&P 500 and Nasdaq Composite both wrapped up the session at fresh record closes.
While investors shrugged off tariff concerns on Thursday, after Trump announced a 50% tariff on imported copper, as well as a 50% tariff on Brazil, partly in retaliation for its ongoing trial against former president Jair Bolsonaro for his role in an alleged attempt to overturn the South American nation's 2022 election results.
However, Trump later announced that the White House would be hitting its northern neighbour with a 35% tariff on goods, effective from 1 August, despite warming relations between the two countries, potentially shattering hopes of striking a trade deal by 21 July. Trump threatened to raise the tariffs if Canada were to retaliate and also accused Canada of contributing to America's fentanyl crisis, due to their "failure to stop" the drugs from "pouring" into the country.
"If Canada works with me to stop the flow of fentanyl, we will, perhaps, consider an adjustment to this letter," said Trump, who also complained about tariffs and trade barriers causing "unsustainable" trade deficits against the US, claiming they pose a threat to the US economy and its national security.
Trump later said that a letter could be sent to the European Union as soon as Friday.
In the corporate space, iconic denim maker Levi Strauss traded higher after beating both top and bottom line expectations and raising FY sales guidance, saying it anticipates absorbing some tariff costs for now, while discount retailer PriceSmart posted better-than-expected quarterly revenue and earnings.
No major data points were slated for release on Friday.
Reporting by Iain Gilbert at Sharecast.com
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