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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 slid by 25 points, or 0.1%. S&P 500 futures and Nasdaq-100 futures dipped 0.3% 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.

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 Tuesday.

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.”

— CNBC’s Erin Doherty contributed to this report.

Tesla falls after Musk says he is launching political party

Tesla shares were down more than 6% after CEO Elon Musk said he is launching his own political party.

The party would be called the “America Party” and could focus on “on just 2 or 3 Senate seats and 8 to 10 House districts.”

“Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people,” Musk said.

Tesla investors have been concerned about Musk’s political involvement of late. When Musk left the so-called department of government efficiency in May, Tesla shares got a boost. Now, his re-entry into politics is making Wall Street nervous.

Trump threatens additional 10% tariff on countries that align with BRICS policies

Trump on Sunday threatened to add an additional 10% tariff on countries that aligned with “Anti-American policies” of BRICS countries.

“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” Trump said in a post on Truth Social Sunday evening stateside.

Trump’s post came after the bloc, which met in Brazil, voiced “serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules.” It also warned that the “proliferation of trade-restrictive actions” could disrupt the global economy.

— Anniek Bao

European shares open mixed

We’re 10 minutes into the first trading session of the week, and European stocks are trading in mixed territory.

The pan-European Stoxx 600 was last seen hovering just below the flatline, with no consensus movement among regional sectors.

Major bourses are also moving in opposite directions, with London’s FTSE 100 down 0.1%, the French CAC 40 little changed, and Germany’s DAX gaining 0.4%.

— Chloe Taylor

Trump confirms that tariffs will go into effect Aug. 1

U.S. President Donald Trump and high-ranking Cabinet officials confirmed that tariffs will go into effect Aug. 1, not July 9.

Trump and Commerce Secretary Howard Lutnick were asked in an interview with pool reporters Sunday to clarify when the new higher tariffs rates will be implemented. Lutnick responded, “Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now.” Trump assented with the statement.

Earlier in the day, Treasury Secretary Scott Bessent said in an interview on CNN’s “State of the Union” that tariffs announced back in April will go into effect on Aug. 1 for those countries that have yet to reach an agreement with the U.S. He said duties will “boomerang” back to higher April 2 levels if there is no progress.

As of Sunday, Trump’s April 9 executive order which established the July 9 tariff implementation date did not appear to have been formally revised. While the president has broad tariff powers, the April 9 order would typically be replaced with a new order establishing the Aug. 1 date.

The White House did not immediately reply to a question from CNBC about whether the president planned to issue a new executive order before July 9.

— Sarah Min

Stock futures open lower Sunday

U.S. stock futures opened lower Sunday.

Dow Jones Industrial Average futures slid by 110 points, or 0.3%. S&P 500 futures and Nasdaq 100 futures dipped 0.3% and 0.3%, respectively.

— Sarah Min

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