Asia-Pacific markets mixed after Trump shifts goalposts on tariffs again

Asia-Pacific markets traded mixed on Monday after U.S. President Donald Trump confirmed that “reciprocal” tariffs, first announced in April, will take effect on Aug. 1 for countries that haven’t struck a deal.

Treasury Secretary Scott Bessent said Sunday that tariffs introduced in April will be enforced starting August 1 for countries that haven’t finalized an agreement with the Trump administration. While Bessent dismissed the notion that August 1 represents a fresh deadline, he acknowledged that the new date could allow trading partners additional time to renegotiate tariff terms.

Japan’s benchmark Nikkei 225 slipped 0.53% while the Topix declined 0.57%. South Korea’s Kospi added 0.19% and the small-cap Kosdaq rose 0.16%.

Australia’s S&P/ASX 200 slid 0.11%.

Hong Kong’s Hang Seng index lost 0.61%, and mainland China’s CSI 300 dipped 0.12%.

The Reserve Bank of Australia kicks start its two-day meeting, where it is widely expected to cut rates by 25 basis points to 3.60%.

U.S. stock futures fell after Trump confirmed that tariffs are set to go into effect Aug. 1, not July 9. Dow Jones Industrial Average futures slid by 146 points, or 0.32%. S&P 500 futures and Nasdaq 100 futures dipped 0.39% and 0.42%, respectively.

Last Friday stateside, the three major averages closed higher. The S&P 500 and Dow Jones Industrial Average powered to new highs and capped off a winning week as banking behemoths ushered in a promising start to the third-quarter earnings season. The Nasdaq Composite added 0.33% to finish at 18,342.94 and less than 2% below its all-time high.

— CNBC’s Samantha Subin and Brian Evans contributed to this report.