On Friday morning (11 July, 9:32 AM, GMT+7, Bangkok time), major indices in Asia Pacific traded mixed amid the announcement by U.S. President Donald Trump of a 35% tariff on Canadian imports, which is set to be implemented beginning August 1.
Trump unveiled plans to impose a 35% tariff on Canadian imports, pointing to Canada’s retaliatory trade measures against the United States as the driving factor. He linked the tariff decision to concerns over the movement of fentanyl, suggesting potential adjustments if Canada cooperates on curbing the drug’s flow.
The new tariff rate will be applied in addition to existing sector-specific duties, with Trump warning that any further retaliatory action from Ottawa could prompt even higher tariffs. He also indicated to NBC News his intention to set broad-based tariffs of 15% to 20% on a majority of U.S. trading partners.
Japan’s NIKKEI slid by 0.08% to 39,613.83. Australia’s ASX 200 dropped by 0.23% to 8,569.3, while South Korea’s KOSPI climbed by 0.06% to 3,184.99.
As for stocks in China, Shanghai’s SSEC rose by 0.69% to 3,533.78. Hong Kong’s HSI jumped by 1.62% to 24,417.8, and Shenzhen’s SZI grew by 0.47% to 10,681.04.
The U.S. stock markets edged up on Thursday as the Dow Jones Industrial Average (DJIA) surged by 0.43% to 44,650.64. NASDAQ added 0.09% to 20,630.66, and S&P 500 gained 0.27% to 6,280.46. VIX fell by 1% to 15.78.
As for commodities, oil prices settled lower on Thursday, as market participants assessed the possible repercussions of new U.S. tariffs under President Donald Trump on global economic growth. Brent futures declined $1.55 or 2.21% to $68.64 a barrel, and the West Texas Intermediate (WTI) decreased $1.81 or 2.65% to $66.57 per barrel.
This morning, Brent futures expanded 38 cents or 0.55% to $69.02 a barrel, and the WTI futures increased 43 cents or 0.65% to $67 per barrel.
Meanwhile, gold futures escalated by 0.51% to $3,342.5 per Troy ounce.
