U.S. Stock futures fell on Sunday evening, starting the new month on a sobering note, amid fresh steel and aluminum tariff concerns over the weekend.

Starting with the S&P 500 Futures trading at 5,896.25, down 0.33%, followed by Nasdaq Futures at 21,279.50, down 0.45%, and finally Dow Jones Futures down 0.30%, trading at 42,169.00, at the time of writing this.

This comes amid President Donald Trump’s announcement on Friday that he would be doubling tariffs on imported steel to 50%, from the current 25%. The tariffs are aimed at revitalizing the domestic steel industry and protecting jobs, marking the latest escalation in Trump’s trade wars.

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The tariffs are set to take effect on Wednesday, June 4, and comes just days after Trump approved United States Steel Corp.’s acquisition by Japan’s Nippon Steel Corp. ( NISTF ) in a $15 billion deal.

Japan’s benchmark Nikkei 225 opened lower on Monday, down 1.37% or 521 points, trading at 37,443.59. Steel makers and export-oriented companies led the decline, while real estate, media, and communications remain on the ascent.

The U.S. Dollar Index (DXY) is down 0.2% for the day, trading at 99.1459, amid wavering confidence among global investors in the currency.

The markets on Monday will be closely watching Federal Reserve Chair Jerome Powell’s speech in Washington, DC, following a closed-door meeting with Trump at the White House on Friday.

Investors will also be closely watching the earnings results of companies such as Campbell’s Co. and Credo Technology Group Holding Ltd. ( CRDO ) , which are scheduled to announce on Monday.

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