Markets Slip as Trump’s Mixed Trade Signals Keep Wall Street on Edge

​U.S. stock futures retreated Thursday as Wall Street digested a new wave of uncertainty surrounding President Trump’s evolving trade policy, just weeks before key tariffs could return.

Dow futures fell 0.4%, S&P 500 futures dropped 0.4%, and Nasdaq 100 futures also declined 0.4%, as investors reacted to Trump’s latest remarks on unilateral tariffs and an unclear path forward on trade talks.

Speaking Wednesday, Trump said he would soon send letters to U.S. trading partners setting unilateral tariff rates, adding, “You can take it or leave it.” His comments came as the 90-day tariff pause nears its July 9 expiration. Earlier that day, Treasury Secretary Scott Bessent told Congress it is “highly likely” countries still negotiating with the U.S. will receive an extension on the pause.

The shifting rhetoric rattled a market that had been increasingly hopeful about easing trade tensions. Earlier this week, the U.S. and China said they had agreed on a framework to resolve key disputes. But Trump’s tone has since added fresh uncertainty about whether the administration will stick to the deal—or move ahead unilaterally.

Stocks wobbled Wednesday as the Consumer Price Index (CPI) report showed cooling inflation, which in theory should support stocks. But the Fed is now in a bind: the softening data contrasts with the risks that new tariffs could reignite price pressures. Analysts expect the Fed to maintain its wait-and-see approach at next week’s policy meeting.

Meanwhile, investors await more data. Thursday brings the Producer Price Index (PPI) report on wholesale inflation, while earnings from Adobe are also on deck.

Bottom line: Markets are treading carefully as Trump’s trade policy remains in flux. With the July 9 tariff deadline looming and inflation data sending mixed signals, Wall Street isn’t betting too aggressively on a clear path forward just yet.

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