08:14 AM EDT, 04/03/2025 (MT Newswires) -- US equity futures were lower pre-bell Thursday on fears US President Donald Trump's sweeping tariff policy will spark a global trade war.

Dow Jones Industrial Average futures fell 2.8%, S&P 500 futures dropped 3.4%, and Nasdaq futures were down 4%.

The Trump administration announced on Wednesday tariffs of at least 10% across all countries.

Oil prices fell, with front-month global benchmark North Sea Brent crude down 5.6% at $70.75 per barrel and US West Texas Intermediate crude down 5.9% at $67.46 per barrel.

The US trade deficit, scheduled for release at 8:30 am ET, is seen narrowing to $122.5 billion for February from $131.4 billion in January. New unemployment claims are seen rising by 1,000 to 225,000 in the week ended March 29, according to estimates compiled by Bloomberg.

Forecasters see the Institute for Supply Management services index, due at 10 am ET, coming in at 53.0 for March versus 53.5 previously.