U.S. stock futures are lower after President Donald Trump further escalated trade tensions. Over the weekend, Trump announced a 30% tariff on goods from the European Union and Mexico, starting Aug. 1. Mexico and EU leaders said they would continue to negotiate this month before that date.

Key Points The president has extended his tariff pause until Aug. 1.His administration also sent letters to many countries letting them know what their tariff rates will be on Aug. 1 -- and many of these rates are high.