Asia-Pacific markets set to open lower as investors assess Trump's 30% tariffs on EU and Mexico

Asia-Pacific markets are set to start the day lower Monday, as investors assess the 30% tariffs on the European Union and Mexico imposed by U.S. President Donald Trump over the weekend.

The president revealed on his social media site, Truth Social, on Saturday that the tariffs on both countries would start on Aug. 1.

Leaders of the EU and Mexico indicated that they intend to keep negotiating with the Trump administration this month in an attempt to agree on a lower rate.

Here are the opening calls for the day

Good morning from Singapore.

Investors will be keeping a close watch on a slew of data points today, including India's inflation reading for June and Singapore's second quarter growth rate.

Economists polled by Reuters expect India's consumer price inflation reading to come in at 2.5% year on year, from 2.82% the month before.

Meanwhile, Singapore's economy is forecast to grow by 3.5% year on year in the second quarter, compared to 3.9% in the previous quarter.

Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 39,345 while its counterpart in Osaka last traded at 39,500, against the index's Friday close of 39,569.68.

Futures for Hong Kong's Hang Seng index stood at 24,088, pointing to a weaker open compared to the HSI's last close of 24,139.57.

Australia's S&P/ASX 200 was also set to start the day lower with futures tied to the benchmark at 8,548, compared with its last close of 8,580.10.

U.S. futures slip after Trump announces 30% tariffs on the EU and Mexico

U.S. equity futures fell in early Asia hours after U.S. President Donald Trump slapped 30% tariffs on the European Union and Mexico.

S&P 500 futures lost 0.33%, while Nasdaq 100 futures dropped 0.22%. Futures for the Dow Jones Industrial Average fell nearly 280 points, or 0.63%.

Major averages all close week lower

The major stock averages all fell on Friday, closing lower for the week.

On Friday, the Dow Jones Industrial Average lost 279.13 points, or 0.63%, and ended at 44,371.51. The S&P 500 shed 0.33%, finishing at 6,259.75, while the Nasdaq Composite shed 0.22% to settle at 20,585.53.