Stock futures fell Monday after the U.S. said that tariffs are set to go into effect Aug. 1, not July 9. Dow Jones Industrial Average futures added 8 points, or less than 0.1%. S&P 500 futures and Nasdaq-100 futures dipped 0.2% and 0.4%, respectively. Shares of Tesla shed nearly 7% in Monday’s premarket trading session after CEO Elon Musk announced his intention over the weekend to form a new political party called the “America Party.” Investors have been less than pleased with the billionaire’s foray into politics this year, which some say have damaged Tesla’s brands and sales. Investors were encouraged by comments from Treasury Secretary Scott Bessent, who said on CNBC Monday that there would be several trade announcements over the next 48 hours, adding that he expects “it’s going to be a busy couple of days.” However, Bessent did not specify which countries would be involved. In an interview with reporters Sunday, President Donald Trump and Commerce Secretary Howard Lutnick were asked to clarify when tariffs are set to go into effect. In response, Lutnick said, “Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now.” Trump nodded in approval. Treasury Secretary Scott Bessent also said in an interview on CNN’s “State of the Union” on Sunday: “President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level.” Investors had been expecting tariff rates to go into effect this week. Trump’s initial 90-day reprieve on the April “reciprocal” tariffs for most U.S. trading partners was set to end this week. Adding to trade worries, Trump also threatened an additional 10% tariff on countries that align with the “Anti-American policies of BRICS,” which refers to emerging market countries including Brazil, Russia, India and China. Trump did not elaborate on any specific policy of BRICS. The announcement came as the group met in Rio de Janeiro, Brazil. In recent years, the group has sought to move away from its dependence on the U.S. dollar. Wall Street is coming off a winning week, with the S&P 500 and Nasdaq Composite closing at all-time highs Friday in part because of confidence the Trump administration will not implement the most severe tariffs it announced back in April. In recent days, the White House had called the July trade deadlines “not critical.” “Ultimately, trade negotiations usually take a long time to negotiate; free trade arrangements the U.S. negotiated have taken an average of 3 years,” Rajeev Sibal, senior global economist at Morgan Stanley, wrote last week. “While the negotiations that are currently taking place are likely to be narrower than a full fledged free trade agreement, the historical precedent remains informative.” Investors worry that an equity market at all-time highs could become more volatile as trade updates emerge from the White House, especially if the negotiations result in higher tariffs than expected. But others remain confident the stock market rally can continue, betting that companies in the upcoming earnings season will be able to clear low expectations if they demonstrate the ability to navigate tariffs. “I agree with anybody who says that, ‘Look, we’ve reshaped some of the economic flows around tariffs,’ but that’s an upside story because if it plays out better, that’s an earnings surprise,” Tom Lee, head of research at Fundstrat Global Advisors, told CNBC’s “Closing Bell” on Thursday. He added: “This is the most hated V-shaped rally.” U.S. Treasury yields were little changed Monday as investors monitored trade tensions amid an extension of the 90-day tariff reprieve deadline and as U.S. President Donald Trump threatened more tariffs. The benchmark 10-year yield was up 2 basis points to 4.364%. The 30-year bond yield was up 4 basis points to 4.894%. The 2-year Treasury yield was down one basis point to 3.874%. Asia-Pacific markets traded mixed on Monday after U.S. President Donald Trump confirmed that “reciprocal” tariffs, first announced in April, will take effect on Aug. 1 for countries that haven’t struck a deal. Japan’s benchmark Nikkei 225 slipped 0.56% to close at 39,587.68 while the Topix declined 0.57% to close at 2,811.72. South Korea’s Kospi added 0.17% to end the trading day at 3,059.47 and the small-cap Kosdaq closed 0.34% higher at 778.46. Australia’s S&P/ASX 200 slid 0.16% to end the day at 8,589.3. Hong Kong’s Hang Seng index lost 0.61%, and mainland China’s CSI 300 dipped 0.43% to 3,965.17. Oil pared losses on Monday as a tight physical oil market offset the impact of OPEC+ hiking oil output more than expected in August as well as concern about the potential impact of U.S. tariffs on economic growth and oil demand. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 bpd hikes they made for the earlier three months. Brent crude futures fell as low as $67.22 a barrel and by 0815 GMT were down 22 cents, or 0.3%, to $68.08. U.S. West Texas Intermediate crude was at $66.63, down 37 cents or 0.6%, up from an earlier low of $65.40. “For now, the oil market remains tight, suggesting it can absorb additional barrels,” said UBS analyst Giovanni Staunovo. Gold prices slipped to a near-one-week low on Monday due to an uptick in the U.S. dollar, with investors awaiting details on the trade front ahead of U.S. President Donald Trump’s tariff negotiation deadline. Spot gold was down 0.9% at $3,303.93 per ounce. U.S. gold futures shed 0.9% to $3,313.10. “We are seeing a slight pullback due to short-term positive dollar and maybe that’s just due to the fact that the economic data coming from the U.S. is still pretty strong, taking away the immediate need to cut rates,” said WisdomTree commodities strategist Nitesh Shah. The dollar rose 0.2% against its rivals, making gold more expensive for other currency holders.