08:18 AM EDT, 07/07/2025 (MT Newswires) -- US equity futures were mostly lower ahead of Monday's opening bell after the Trump administration signaled that country-specific tariffs will take effect on Aug. 1, weeks after the initial rate pause is set to end.

Dow Jones Industrial Average futures were flat, S&P 500 futures were 0.2% lower, and Nasdaq futures were down 0.4%.

President Donald Trump's initial 90-day pause for finalizing trade deals with major partners is set to end Wednesday.

Country-specific tariffs will "boomerang" to April rates by Aug. 1, Treasury Secretary Scott Bessent told reporters over the weekend.

Investors are also looking ahead to the minutes from the Federal Reserve's latest policy-setting meeting due Wednesday.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.7% at $68.75 per barrel and US West Texas Intermediate crude 0.7% higher at $66.98 per barrel.

There are no major economic data due for release Monday.