Trump's Tariff Tactics Shake U.S. Markets

U.S. stock futures dropped as President Trump plans to double tariffs on imported steel and aluminum to 50%. The tariff changes heighten trade tensions with China and uncertainty in global markets. Major U.S. steel companies saw shares rise, while broader concerns lingered as economic indicators remained in focus.

On Monday, U.S. stock index futures fell following President Donald Trump's announcement to increase tariffs on imported steel and aluminum from 25% to 50%. The decision exacerbated worries about trade- and tariff-related volatility.

Trump unveiled the plan late Friday, accusing China of breaching an agreement, thus intensifying his global trade disputes. The tariff hikes come after a period of temporary relief and optimism around U.S.-China trade talks, which had previously bolstered the S&P 500 in recent weeks.

While shares of U.S. steel companies climbed in premarket trading, broader market uncertainties persist, especially with Fed Chair Jerome Powell's upcoming remarks and crucial economic data releases this week, including the nonfarm payroll report on Friday.

(With inputs from agencies.)