08:15 AM EDT, 07/11/2025 (MT Newswires) -- US equity futures were lower pre-bell Friday after President Donald Trump slapped 35% tariffs on Canadian goods.

Dow Jones Industrial Average futures were down 0.6%, S&P 500 futures were 0.5% lower and Nasdaq futures were down 0.4%.

The higher rates for imports from Canada would go into effect Aug. 1, according to a letter Trump posted on social media.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.1% at $69.39 per barrel and US West Texas Intermediate crude 1.3% higher at $67.42 per barrel.

The Federal Budget Balance report, scheduled for release at 2 pm ET, is expected to show a smaller budget deficit of $41.5 billion for June versus a $316 billion deficit in the preceding month, according to estimates compiled by Bloomberg.