Donald Trump is poised to announce tariff deals with, and letters to, multiple countries around the globe later today.
The US president took to his own social media platform, Truth Social, to tease the update.
And US Treasury secretary Scott Bessent told American media Trump would be sending letters to some trading partners warning they must move things along swiftly or "boomerang" back to their April 2 tariff level, The Times reports.
Trump's social media post stated: "I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th. Thank you for your attention to this matter! DONALD J. TRUMP, President of The United States of America.”
In April, the president imposed a base 10% tariff rate on most countries, with significantly higher "reciprocal" tariffs up to 50% threatened unless deals were struck by a deadline which was originally this Wednesday.
He also said levies could reach up to 70%, and threatened an extra 10% on countries aligning themselves with the “anti-American policies” of the BRICS group of Brazil, Russia, India and China.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 3 points at 8,801 shortly after opening this morning.
Brent crude oil futures were up 0.63% at $67.85 a barrel.