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.

Donald Trump’s proposed 30% tariff on European Union goods is “effectively prohibitive” to transatlantic trade and could warrant retaliation, the bloc’s chief negotiator said.

European shares fell on Monday, led by automobiles, as the U.S. President Donald Trump's latest threat to impose steep tariffs on the European Union and Mexico kept investors on edge.