Wall Street is pointing lower before the opening bell with new tariffs announced for Europe and Mexico and as the unofficial start of earnings season get under way this week. Futures for the S&P 500, Dow Jones Industrial Average and Nasdaq each retreated by about 0.3% early Monday.

Markets had dismissed tariff risks under the assumption that Trump would follow an earlier pattern and back off, in what became known as the so-called TACO trade. That allowed stocks to reach new record-high territory recently, marking a stunning rebound from the collapse triggered by his “Liberation Day” reciprocal tariffs in April.

Wall Street hangs near records amid doubts about Trump’s tariffs Copyright 2025 The Associated Press. All Rights Reserved.

US President Donald Trump said he has settled on another tariff deal - this time with Indonesia. Trump said he had agreed to lower tariffs he had threatened on goods entering the US from Indonesia to 19%,

President Trump has set an August 1 deadline for several countries to reach trade agreements with the U.S. before they're hit with increased tariffs. CBS News MoneyWatch correspondent Kelly O'Grady reports.

President Trump has taken an unconventional approach to trade negotiations by sending form letters to foreign leaders