08:25 AM EST, 02/03/2025 (MT Newswires) -- US equity futures were lower Monday after President Donald Trump unveiled fresh tariffs against key trading partners.

The Dow Jones Industrial Average futures fell 1.3%, S&P 500 futures dropped 1.6%, and Nasdaq futures were down 1.9%.

The tariffs, set to take effect on Tuesday, will include 25% duties on Canada and Mexico, and 10% on China.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.5% at $76.81 per barrel and US West Texas Intermediate crude up 2.4% at $74.24 per barrel.

The Purchasing Managers' Manufacturing Index, scheduled for release at 9:45 am ET, is seen coming in at 50.1 in January, which would be unchanged from the flash report.

Forecasters see the Institute for Supply Management's Manufacturing Index, due at 10 am ET, coming in unchanged from December at 49.3 in January. Construction spending is expected to have risen by 0.3% in December following a no change in November.