Stocks drop as new tariffs offset profits

Trump provides minor reprieve by saying measures will not take effect until next Friday

- HONG KONG (AFP)

Stock markets fell yesterday as US President Donald Trump announced tariffs on dozens of trading partners ahead of a self-imposed deadline, offsetting strong earnings from tech giants.

With hours to go before Trump's deadline for governments to make toll-averting deals, he unveiled a list of sweeping levies he had decided to impose upon those still in talks.

However, he did provide a minor reprieve by saying the measures will take effect next Friday.

Governments around the world have been scrambling to cut agreements with the White House since Trump unveiled his bombshell “Liberation Day” tariffs on April 2, which included 10% across the board and then targeted “reciprocal” levies.

He then delayed implementation of the reciprocal tariffs until July 9, and then August 1, and next week.

Some countries reached deals, including Japan, the European Union, Britain and recently South Korea, but most are yet to do so. China remains in talks with Washington to extend a fragile truce in place since May.

For those in the crosshairs of the latest outburst, the measures range from 10% to 41%.