Revised rates take effect August 7, with the steepest US duties since the 1930s targeting trade-surplus nations.

U.S. stock futures pointed to a lower open and all European equities markets were down. Asia-Pacific stock markets fell broadly.

U.S. President Donald Trump has delayed higher tariffs on Mexico for 90 days to negotiate a trade deal, avoiding a 30% tariff on most Mexican goods complying with USMCA. Meanwhile, the U.S. continues to levy high tariffs on other countries amid ongoing global trade talks,