US stock futures slipped Sunday after President Trump and top officials signaled country-specific tariffs could take effect August 1, introducing fresh uncertainty for trading partners but offering time for negotiations. Futures tied to the Dow Jones, S&P 500, and Nasdaq 100 each fell about 0.3%.
Trump had initially set July 9 as the deadline for his “pause” on steep April tariffs to expire, rattling global markets. So far, the US has secured deals only with the UK and Vietnam, plus a framework agreement with China. But on Sunday, Treasury Secretary Scott Bessent and Trump indicated letters notifying countries of potential tariffs could go out this week, with duties starting August 1.
“President Trump will send letters to trading partners warning them that if negotiations don’t advance, tariffs will snap back to April 2 levels on August 1,” Bessent said on CNN, adding he expects “a lot of deals very quickly.”
Bessent noted the administration will seek clarity with 18 major trading partners before deciding on tariff rates for over 100 others. Wall Street is closely watching talks with the EU and Canada.
The tariff uncertainty comes after a strong week for stocks, with the S&P 500 and Nasdaq closing at record highs Thursday. But the Levkovich Index, a gauge of market sentiment, shows “euphoric” levels, raising fears of overstretched positions. Investors are also eyeing key earnings reports this week from Delta, Conagra, Levi’s, and WD-40.