• President Donald Trump announced that “UNITED STATES TARIFF Letters” will begin being delivered today, Monday, with country-specific duties set to kick in on August 1. This signals a new phase in his trade agenda, though White House officials acknowledge that ambitious plans for widespread trade deals by the July 9 deadline haven’t fully materialized, leading to continued market confusion.

• Meanwhile, India has presented its “best offer” to the US for an interim trade deal, leaving its fate in Trump’s hands. India has drawn “red lines” on allowing US exports of genetically modified crops and opening its dairy and automobile sectors. While both sides held intense talks to finalize a deal before the July 9 deadline for higher US tariffs, India’s government has taken a more cautious stance to protect its politically sensitive farm sector.

• US stock futures fell on Monday as Trump’s fresh tariff threat and the August 1 implementation date heightened trade uncertainty. Adding to the global economic picture, Trump warned that any country aligning with “Anti-American policies of BRICS” will face an additional 10% tariff.

• Separately, a catastrophic flooding event along the Guadalupe River in Kerrville, Texas, has resulted in at least 82 deaths and scores missing, including children from a summer camp. Torrential rains caused the river to surge dramatically, sweeping into camps and RV parks filled with Fourth of July holiday visitors. Rescue efforts are ongoing amidst concerns about preparedness levels.