08:15 AM EDT, 04/09/2025 (MT Newswires) -- US equity futures were lower pre-bell Wednesday as traders looked ahead to the minutes from the Federal Reserve's most recent policy-setting meeting, while the global tariff situation hangs in the backdrop.

Dow Jones Industrial Average futures were down 1.8%, S&P 500 futures fell 1.7%, and Nasdaq futures were 1.5% lower.

China said it is increasing tariff on imports from the US to 84% starting April 10, which follows the White House decision to lift its import levy on Chinese goods to 104%.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 6.4% at $58.89 per barrel and US West Texas Intermediate crude 6.7% lower at $55.60 per barrel.

The Federal Open Market Committee is scheduled to release the minutes from its latest meeting at 2 pm ET.