U.S. stock futures are lower after President Donald Trump further escalated trade tensions. Over the weekend, Trump announced a 30% tariff on goods from the European Union and Mexico, starting Aug. 1. Mexico and EU leaders said they would continue to negotiate this month before that date.

Both the S&P 500 futures and Nasdaq 100 futures dropped 0.55% each. Futures for the Dow Jones Industrial Average fell 226 points, or 0.51%.