FX.co ★ US Futures Slip as Tariffs Set to Take Effect August 1

U.S. stock futures saw a slight decline on Monday following President Donald Trump's confirmation that tariffs will be implemented effective August 1. Commerce Secretary Howard Lutnick announced on Sunday that the new tariffs are poised to resume next month, noting that the President is currently finalizing the rates as negotiations continue—something Trump corroborated. Earlier, Treasury Secretary Scott Bessent indicated that if no trade agreement is achieved by August 1, tariffs will revert to the levels seen on April 2. The President's initial 90-day suspension of reciprocal tariffs, originally due to expire this week, has been prolonged owing to stagnant discussions. Last week witnessed the S&P 500 and Nasdaq Composite climbing by 1.72% and 1.62%, respectively, both reaching new record highs amid optimism surrounding decreasing trade tensions. Meanwhile, the Dow increased by 2.3%, nearly hitting new all-time milestones. Going forward, investors are closely watching the forthcoming earnings season for fresh market catalysts.