Gold prices edge lower; heading for weekly losses ahead of U.S.-Russia talks
Investing.com-- U.S. President Donald Trump on Monday signed an executive order extending the deadline for his “reciprocal” trade tariffs to August 1 from July 9, as his administration confirmed only a limited number of trade deals.
Trump, along with several White House officials, had touted the August 1 deadline over the past few days, as trade talks with major global economies yielded limited progress towards a deal.
Monday’s order now confirms the August 1 deadline for Trump to impose his “liberation day” tariffs on major economies. The president began releasing letters outlining trade tariffs against several major economies, including a 25% levy on imports from South Korea and Japan.
Speaking to reporters at a White House event, Trump said he was firm but not a "100% certain" on the August 1 deadline, and remained open to more trade talks.
Markets are on edge over the economic impact on Trump’s tariffs, which are widely expected to be borne by U.S. importers. The Federal Reserve has warned that the tariffs could potentially push up inflation.