U.S. stock futures climbed on Monday, while most Asian markets saw declines after President Donald Trump announced a delay on proposed 50% tariffs on European Union goods. The decision followed a Sunday call with European Commission President Ursula von der Leyen, who Trump said is now prepared for “serious negotiations.”
Trump had previously threatened that the tariffs could begin on June 1, claiming that talks with the EU were “going nowhere.” Instead, the deadline has now been extended to July 9.
The S&P 500 futures rose by 1%, and futures for the Dow Jones Industrial Average gained 0.8%. In Asia, Tokyo’s Nikkei 225 index advanced by 0.9% to 37,510.71, and Seoul’s Kospi rose 1.4% to 2,627.09. However, markets in Hong Kong and mainland China slipped, with the Hang Seng down 1.2% to 23,330.21 and the Shanghai Composite dipping 0.1% to 3,343.86. Australia’s S&P/ASX 200 was mostly flat at 8,360.50. Other regional indices followed a mostly negative trend.
U.S. markets had fallen on Friday amid uncertainty over Trump’s tariff threats. The S&P 500 dropped 0.7% to 5,802.82, marking its worst weekly performance in seven weeks. The Dow slipped 0.6% to 41,603.07, and the Nasdaq declined 1% to 18,737.21.
Apple shares dropped 3%, dragging on the S&P 500, after Trump said he is pressuring CEO Tim Cook to move iPhone manufacturing to the U.S. He warned that Apple may face a 25% tariff if it continues producing phones abroad. Later, he clarified that all smartphones made overseas—regardless of the brand—could be taxed. “It would be also Samsung and anybody that makes that product,” Trump stated.
Trump has routinely targeted individual companies over his tariff policies. He previously suggested Walmart should absorb tariff costs rather than passing them on to consumers.
Deckers Outdoor, known for Hoka and Uggs, was among the companies hit by trade uncertainty. Despite posting better-than-expected earnings, its shares plummeted nearly 20% after it declined to issue full-year guidance. Similarly, Ross Stores fell 9.8% after also pulling its financial forecast due to over half its merchandise being sourced from China.
On a more positive note, Intuit, the maker of TurboTax and Credit Karma, saw an 8.1% surge after reporting strong quarterly results. Nuclear energy stocks also saw gains after Trump signed executive orders to streamline nuclear licensing. Oklo, a company focused on fast fission power plants, soared 23%.
While Wall Street had recovered most losses caused by earlier tariff tensions, Trump’s latest threats reignited concerns. The S&P 500 had fallen nearly 20% from its record last month amid fears of a global recession but rebounded after the administration paused tariffs on several nations, notably China.
In commodities, U.S. benchmark crude edged up 22 cents to $61.75 per barrel, while Brent crude added 21 cents to reach $64.42. In currency trading, the U.S. dollar strengthened slightly to 142.60 yen from 142.48, while the euro rose to $1.1412 from $1.1367.