U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Nikkei Plunges 5% as AI Stock Selloff Spreads Across Asia 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
AI Chip Stocks Face Valuation Pressure as Investors Shift Toward Big Tech and Software 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
Brazil Weighs IP Curbs, Patent Suspensions After New U.S. Tariffs 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Japan Core Inflation Seen Rising in June, Strengthening BOJ Rate Hike Outlook 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Asian markets slipped on Monday as the U.S. dollar strengthened following President Donald Trump’s renewed tariff threats. Speaking aboard Air Force One, Trump announced plans for a 25% tariff on all steel and aluminum imports, with additional reciprocal tariffs to be revealed midweek.
The move heightened fears of a global trade war, especially after German Chancellor Olaf Scholz warned the EU was prepared to respond swiftly. Meanwhile, China’s retaliatory tariffs on U.S. exports took effect Monday, with no signs of progress in U.S.-China trade negotiations.
The dollar gained as investors assumed targeted currencies would weaken to offset trade barriers. The U.S. Dollar Index stood firm at 108.26, while the euro dipped to $1.0313 and the Australian dollar fell to $0.6260. The yen weakened to 151.82 per dollar despite speculation of a Bank of Japan rate hike.
Asian equities reacted negatively, with MSCI’s broadest Asia-Pacific index outside Japan down 0.3%. Japan’s Nikkei and South Korea’s KOSPI each lost 0.3% and 0.6%, respectively. Wall Street futures initially dipped but later rebounded, with S&P 500 futures up 0.2% and Nasdaq futures rising 0.3%.
Investors remain cautious, as analysts at Goldman Sachs warned tariffs could cut 2025 earnings per share by 1% to 2%, increasing market uncertainty. Higher inflation risks also pushed U.S. Treasury yields higher, with the 10-year note rising to 4.495%.
Despite a stronger dollar, gold prices surged to a record $2,886 per ounce amid concerns of potential U.S. tariffs on the metal. Meanwhile, oil prices saw modest gains, with Brent crude at $74.85 per barrel and U.S. crude at $71.20, after three weeks of declines driven by trade war concerns.
