09:10 AM EDT, 10/14/2025 (MT Newswires) -- US equity futures were down ahead of Tuesday's opening bell as fresh retaliatory trade measures from China reignited trade tensions between the world's two largest economies.

Dow Jones Industrial Average futures were 0.9% lower, S&P 500 futures were down 1%, and Nasdaq futures were 1.3% lower.

China reportedly placed sanctions on five US subsidiaries of South Korean shipbuilding firm Hanwha Ocean.

US President Donald Trump on Friday warned of new 100% tariffs on China. However on Sunday, in a social media post, Trump said "Don't worry about China, it will all be fine!"

Traders also digested earnings from major US banks. JPMorgan Chase ( JPM ) , Wells Fargo ( WFC ) , and Goldman Sachs ( GS ) all reported higher Q3 earnings and revenue.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.2% at $61.91 per barrel and US West Texas Intermediate crude 2.4% lower at $58.08 per barrel.

Federal Reserve Chair Jerome Powell is scheduled to speak at the annual meeting of the National Association for Business Economics at 12:20 pm ET.

In other world markets, Japan's Nikkei closed 2.6% lower, Hong Kong's Hang Seng ended 1.7% lower, and China's Shanghai Composite finished 0.6% lower. Meanwhile, the UK's FTSE 100 was down 0.5%, and Germany's DAX index was down 1.3% in Europe's early afternoon session.

In equities, Wells Fargo ( WFC ) shares were 3.7% higher pre-bell. Nova Minerals ( NVA ) stock was up 80% after the company said it has briefed the Australian Ambassador in the US on its projects in Alaska as part of the preparations for a meeting between Australian Prime Minister Anthony Albanese and US President Donald Trump.

On the losing side, Goldman Sachs ( GS ) shares were 3.2% lower. Orion (OEC) stock was down 18%, a day after the company lowered its fiscal 2025 adjusted EBITDA guidance.