TRADERS CAUTIOUS AS US TARIFF DEADLINE NEARS

RECAP: Asian investors turned cautious on Friday as the July 9 deadline to avert steep US tariffs approached with very few trade deals concluded. President Donald Trump indicated that dozens of trading partners could simply get letters next week informing them of their rates.

- NUNTAWUN POLKUAMDEE NAREERAT WIRIYAPONG

The SET index moved in a range of 1,080.92 and 1,128.07 points this week, before closing yesterday at 1,119.94, up 3.5% from the previous week, with daily turnover averaging 33.75 billion baht.

Institutional investors were net buyers of 3.83 billion baht, followed by brokerage firms at 301.46 million. Retail investors were net sellers of 2.73 billion baht, followed by foreign investors at 1.40 billion.

NEWSMAKERS:

The US and Vietnam agreed on a trade deal in which tariffs of 20% will apply to Vietnamese-origin goods and 40% on transshipped goods. In return, Vietnam will grant total market access to US goods by applying a zero tariff rate.

■Economists say Vietnam's trade deal with the US is a wake-up call for Asian governments grappling with the reality that higher tariffs are here to stay.

■Trump has threatened to impose a 30% or 35% tariff on Japan if a deal between the two countries is not reached before Wednesday's deadline. That would be well above the 24% rate announced on “Liberation Day” on April 2.

■Trump said an upcoming trade deal between India and the US is going to be of a “different kind” with “much less tariffs”.

■The US House approved Trump’s landmark “big beautiful” tax and spending bill, setting the stage for Trump to sign it on the Independence Day holiday, July 4.

■Trump supports a Senate bill that would impose tariffs as high as 500% on China and India if they import oil from Russia, aimed at pressuring President Vladimir Putin to enter negotiations with Ukraine.

■Federal Reserve chairman Jerome Powell said interest rates probably would have been lower by now if Trump had not announced tariffs, which forced the Fed to delay easing as tariffs can significantly raise inflation.