Stocks and dollar subdued as US shifts tariff goalposts

• S&P 500 futures, Asia shares slip on trade muddle
• US flags August 1 as tariff deadline for some countries
• Oil prices withstand OPEC+ output increase
• Dollar crawls away from recent four-year lows

LONDON, July 7 (Reuters) - Stocks drifted and the U.S. dollar held near multi-year lows on Monday, in market uncertainty after U.S. officials flagged a delay on tariffs but failed to provide specifics on the changes.

The United States is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates to take effect on August 1.

"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," U.S. Treasury Secretary Scott Bessent told CNN.

Trump in April announced a 10% base tariff rate on most countries and higher "reciprocal" rates ranging up to 50%, with an original deadline of this Wednesday.

However, he also said levies could range in value from "maybe 60% or 70%", and threatened an extra 10% on countries aligning themselves with the "Anti-American policies" of the BRICS group of Brazil, Russia, India and China.

With very few actual trade deals done, analysts had always suspected the date would be pushed out, though it was still not clear if the new deadline applied to all trading partners or just some of them.

Investors have grown somewhat used to the uncertainty surrounding U.S. trade policy and the initial market reaction was cautious. S&P 500 futures ESc1 fell 0.3% and Nasdaq futures NQc1 were down 0.45% in early European trading hours.

Europe's benchmark STOXX index rose 0.3% while MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.5%.

The muted market reaction to the latest tariff twist showed that investors were becoming more attuned to the cycle of dramatic lurches in U.S. trade policy under Trump, analysts said.

"The market now feels as if it has a handle on which countries or types of products will be most affected," said Scott Chronert, investment strategist for Citigroup.

"That doesn’t mean every scenario is priced in – it’s still set up for episodes of volatility. As always, people will sell first and ask questions later."

OPEC+ SQUEEZE SHRUGGED OFF

Safe-haven bonds were better bid, with 10-year Treasury yields down almost 2 basis points at 4.3379% US10YT=TWEB.

Major currencies were mixed as the dollar index nudged up 0.4% to 97.292=USD. The euro held at $1.1726 EUR=EBS, just short of last week's top of $1.1830, while the dollar was 0.5% firmer at 145.38 yen JPY=EBS.

The export-exposed Australian dollar AUD=D3 was again used as a proxy for trade risk and fell 0.8% to $0.6500.

The U.S. dollar has been undermined by investor concerns about Trump's often chaotic tariff policy and what that might do to economic growth and inflation.

The same worries have kept the U.S. Federal Reserve from cutting rates and minutes of its last meeting should offer more colour on when the majority of members might resume easing. 0#USDIRPR

It is a relatively quiet week for Fed speakers, with only two district presidents on the docket, while economic data is also sparse.

The Reserve Bank of Australia is widely expected to cut its rates by a quarter point to 3.60% at a meeting on Tuesday, the third easing this cycle, and markets imply an eventual destination for rates of 2.85% or 3.10%. 0#AUDIRPR

New Zealand's central bank meets on Wednesday and is likely to hold rates at 3.25%, having already slashed by 225 basis points over the past year. 0#NZDIRPR

In commodity markets, gold slipped 0.9% to $3,303 an ounce XAU=, though it did gain almost 2% last week as the dollar fell. GOL/

Oil prices shrugged off the impact of output hikes from the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+ O/R.

Brent LCOc1 reversed earlier losses, and was up 0.7% to $68.77 a barrel, while U.S. crude CLc1 recovered 0.1% to $67.08 per barrel. O/R