United States stock futures edged lower late Sunday (Monday AEDT) after President Donald Trump announced he would raise global tariffs to 15% from 10%, days after the Supreme Court of the United States struck down his “reciprocal” trade measures.
By 10:30 am AEDT (11:30 pm GMT), Dow futures were down 0.1%, while S&P 500 futures and Nasdaq 100 futures each slipped 0.2%.
On Saturday, Trump said the global tariff rate would be lifted to 15%, up from the 10% announced on Friday, and indicated the increase would take effect immediately. However, it remained unclear whether formal documentation had been signed to implement the new level.
“I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level,” Trump wrote on Truth Social.
The president also warned that further levies could be introduced in the coming months, signalling that trade tensions may persist despite the court’s intervention.
Wall Street enters the new week following a volatile session on Friday. Equities initially rallied after the Supreme Court invalidated a significant portion of Trump’s tariff agenda, before surrendering gains and then rebounding into the close.
The Dow Jones Industrial Average finished more than 230 points higher, up 0.5%, recovering from an earlier loss of around 200 points. The S&P 500 gained 0.7%, while the Nasdaq Composite rose 0.9%.
Investors had initially hoped the court’s ruling might ease tensions between the U.S. and its trading partners and potentially pave the way for refunds to companies that had paid tariffs under the invalidated measures.
However, the announcement of higher global duties has renewed uncertainty, with market participants awaiting further clarification from the White House.
Geopolitical developments remain another source of focus. Over the past week, Trump urged Iran to reach an agreement over its nuclear programme, warning that otherwise “bad things” might happen, adding to broader global risk considerations.
The president is also scheduled to deliver his State of the Union address to Congress later in the week, an event likely to be closely watched for further detail on trade, fiscal and foreign policy priorities.
Corporate earnings are also in focus this week, with Nvidia due to report results on Wednesday. The chipmaker is one of only two so-called “Magnificent Seven” stocks to have posted gains so far this year, and investors will be seeking reassurance that its artificial intelligence investment strategy remains intact amid heightened market volatility.
On the economic front, factory orders data are scheduled for release on Monday morning.
