Dow futures drop nearly 200 points after Trump slaps 30% tariff on Mexico and the EU: Live updates

U.S. equity futures slid connected Sunday evening arsenic Wall Street contends with continued tariff risks and second-quarter net connected deck.

S&P 500 futures mislaid 0.4%, portion Nasdaq 100 futures dropped 0.5%. Futures for the Dow Jones Industrial Average fell 183 points, oregon 0.4%.

On Saturday, President Donald Trump said the U.S. volition enforce 30% tariffs connected the European Union and Mexico starting Aug. 1. Leaders of the EU and Mexico indicated that they mean to support talking with the Trump medication this period successful an effort to hold connected a little rate.

The announcement comes up of inflation readings this week, which volition springiness investors a amended consciousness of however the Trump tariffs already successful effect are being felt passim the economy.

"Inflation is present with tariffs. It's conscionable a question of who eats it. Those companies that person pricing powerfulness means that consumers are going to devour it. Those companies that don't person pricing powerfulness means that companies are going to devour it via a chopped successful their nett margin," Peter Boockvar, main concern serviceman astatine Bleakley Financial Group, said Friday connected CNBC's "Fast Money."

Sunday's determination successful futures comes aft a antagonistic week for stocks, though the large averages are inactive adjacent grounds highs. The S&P 500 dipped 0.31%, its archetypal antagonistic week successful three. The Dow fell 1.02%, breaking a three-week triumph streak.

Meanwhile, the Nasdaq Composite inched down 0.08%, snapping a three-week winning streak.

Earnings play is acceptable to ramp up aboriginal successful the week. Major banks, including JPMorgan Chase, volition present quarterly reports starting Tuesday.

Another imaginable origin for investors to show is the rift betwixt the Trump medication and the Federal Reserve. On Sunday, National Economic Council Director Kevin Hassett told ABC News that President Trump tin occurrence Fed Chair Jerome Powell "if there's cause."

Trump officials are probing the costs of renovation of the Federal Reserve's main gathering successful Washington, D.C., portion the president has repeatedly criticized Powell for not lowering involvement rates. The cardinal slope has pushed back against immoderate of the criticisms of the renovation project.