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Futures down: Dow 0.52%, S&P 500 0.57%, Nasdaq 0.73%

June 2 (Reuters) - U.S. stock index futures dipped on

Monday after President Donald Trump announced plans to double

tariffs on imported steel and aluminum, amplifying concerns

about trade- and tariff-related volatility.

Trump said on late Friday he planned to increase tariffs on

imported steel and aluminum to 50% from 25% starting Wednesday,

just hours after he accused China of violating an agreement.

The increased levies would deepen Trump's global trade war

and douses some enthusiasm stemming from a softening in his

trade stance.

Last month, a temporary relief on some levies on China and a

rollback of steep tariff threats on the European Union, along

with strong earnings and improving economic data helped the

benchmark S&P 500 log its best monthly performance in 18 months.

Shares of U.S. Steel companies rose in premarket trading,

with Cleveland-Cliffs ( CLF ) jumping 26.2%, Nucor ( NUE ) up

14.1% and Steel Dynamics ( STLD ) 13.4% higher.

"It is really hard to keep up or predict what's going to

happen on trade at the moment, and that's before we factor in

the full ramifications from the court ruling last Thursday

night, and then subsequent brief stay of execution for them on

appeal," Jim Reid, global head of macro and thematic research at

Deutsche Bank, said in a note.

A federal appeals court on Thursday temporarily reinstated

most of Trump's 'Liberation Day' tariffs blocked by the Court of

International Trade, the day prior.

"For now, it seems likely that the tariff uncertainty will

linger for a long time ahead even if we're still likely past the

peak aggressiveness of U.S. policy," Reid said.

At 5:22 a.m. ET, Dow E-minis were down 218 points,

or 0.52%, S&P 500 E-minis were down 34 points, or 0.57%.

Nasdaq 100 E-minis were down 156.5 points, or 0.73%

Most megacap and growth stocks were down, with Tesla

leading losses after it reported lower monthly sales in

Portugal, Denmark and Sweden. The stock was last down 2%.

Focus would be on comments from Fed Chair Jerome Powell

later in the day as he presents opening remarks before the

Federal Reserve Board International Finance Division's 75th

anniversary conference at 1:00 p.m. ET (1700 GMT).

Federal Reserve Governor Christopher Waller said on Monday

that interest rate cuts remain possible later this year even

with the Trump administration's tariffs likely to push up price

pressures temporarily.

On the data front, a reading of S&P Global U.S.

manufacturing PMI is due at 9:45 a.m. ET and an ISM

Manufacturing index reading is scheduled for 10:00 a.m. ET.

Ahead in the week, investors await a crucial

nonfarm-payrolls report due on Friday to ascertain strength in

the U.S. economy amid tariff volatility.

Among other stocks, Moderna ( MRNA ) rose 4.6% after the

U.S. Food and Drug Administration approved its next-generation

COVID-19 vaccine for everyone aged 65 and above.

Separately, RBC Capital Markets raised its year-end target

for the S&P 500 index to 5,730 from 5,550, citing

modestly improved U.S. economic outlook and

stronger-than-expected corporate earnings.