Srinagar, July 7 -- Asia-Pacific markets traded mixed on Monday after U.S. President Donald Trump reaffirmed that "reciprocal" tariffs, first announced in April, will come into effect on August 1 for countries that have not yet reached a trade deal with the United States. In a separate statement on Sunday, Trump added that an additional 10% tariff would be imposed on countries "aligning themselves with the anti-American policies of BRICS," without offering further clarification. The announcement coincided with the BRICS summit currently underway in Rio de Janeiro, Brazil.

Earlier the same day, U.S. Treasury Secretary Scott Bessent stated that the tariff enforcement from August 1 should not be seen as a new deadline but rather as a grace ...