US stock futures slipped as the White House began to release the policy consequences of the expiration of President Trump’s trade deadline, including a baseline tariff rate of 10% and increased levies on Canada.
Futures attached to the Dow Jones Industrial Average (YM=F) ticked down 0.2%. Futures attached to the benchmark S&P 500 (ES=F) fell 0.2%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) slumped 0.4%.
The White House issued a statement on Thursday evening indicating all trade partners would face a minimum tariff rate of 10%, though countries with a trade surplus with the US would be slapped with a higher baseline rate of 15%. The announcement also listed more than 70 specific countries and assigned each tariff rates between 15% and 40%. The new rates will take effect in seven days, perhaps providing a short window for furious negotiation.
Separately, the White House said Trump signed an executive order, hiking tariffs on Canada from 25% to 35%. The new rate for Canada is set to go into effect on Friday, according to the statement.
Only select US trading partners have managed to negotiate trade agreements ahead of Trump’s self-imposed Aug 1. deadline. Trump announced on Thursday that Mexico would get a 90-day extension of the tariff pause currently in place, and revealed a flurry of other deals and demands in the countdown to Friday.
Read more: The latest on Trump’s tariffs
Apple (AAPL) and Amazon (AMZN) reported their earnings after the bell Thursday. Apple stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales. Amazon’s report also exceeded expectations, but the performance of its cloud business caused its stock to tumble.
Stocks fell in day trading Thursday, weighed down by an inflation report showing rising prices as well as uncertainty around the looming end to the tariff pause.
A rollercoaster week on Wall Street is set to end not just with trade turmoil but also with the arrival of the July jobs report, a key indicator of US economic health. The data is expected to show hiring slowed while unemployment ticked higher.
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Stock market coverage for Friday, August 1, 2025.