Company Interview / the open: ASX to fall, as Trump tariffs take effect

The local market is set for losses this morning with ASX futures down 0.3%. On Wall Street the Dow and S&P 500 eased while the Nasdaq managed to close at a record high.  

Tech stocks rallied globally on relief that companies committed to US manufacturing would avoid tariffs. Apple shares rose after the latest tariff regime largely exempted the company from his threat to impose 100% levy on chips and semiconductors. 

The US Customs agency has begun collecting higher tariffs after weeks of threats from President Trump amid a flurry of trade negotiations with countries seeking to lower them.  Leaders of Brazil and India have vowed not to be cowed by the president's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels of up to 50%.  

The British pound rose after the Bank of England's decision to cut rates by 4%, the lowest level in two years. Meanwhile the Australian dollar rose slightly to US65.2c.