BANGKOK – Wall Street was poised to open slightly lower Monday morning after U.S. President Donald Trump told reporters he was pushing forward with more tariff hikes despite concerns about their impact on the economy and markets.
Futures for the S&P 500 inched back 0.1%, while futures for the Dow Jones Industrial Average slipped 0.3%. Nasdaq futures were essentially unchanged.
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Speaking to reporters on Air Force One, Trump said he has no intention to back away from another round of tariffs due to take effect on April 2.
“April 2 is a liberating day for our country,” Trump said. “We’re getting back some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing.”
Trump said additional tariffs were coming on autos, steel and aluminum.
Later Monday morning the government releases its latest retail sales report, which could give some insight into the mood of the American consumer.
In January, U.S. retail sales saw their biggest month-to-month decline in a year, a much bigger drop than analysts expected. In a sector that was already bracing for a slowdown, Trump's tariffs have added another level of anxiety.
Over the weekend, the privately held Forever 21 fast-fashion chain filed for bankruptcy for the second time.
U.S. households and businesses have already reported drops in confidence because of all the uncertainties created by Trump’s barrage of on -again, off -again tariff announcements and other policies. That’s raised fears about a pullback in spending that could sap energy from the economy.
After setting a record less than a month ago, U.S. markets are coming off their fourth straight losing week, the longest such streak since August.
The uncertainty surrounding the new administration's policies has also put the Federal Reserve in much tougher spot when it meets later this week to decide its latest interest rate move.
Inflation improved last month but is still high and tariffs could push it higher. At the same time, ongoing tariff threats as well as sharp cuts to government spending and jobs have tanked consumer and business confidence, which could weigh on the economy and even push up unemployment.
Fed officials will almost certainly keep their key rate unchanged at their meeting this week, but could face a more difficult decision in the coming months if unemployment rises and inflation remains sticky.
Elsewhere, in Europe at midday, Germany's DAX rose 0.3%, as did the CAC 40 in Paris. Britain's FTSE 100 added 0.1%.
Chinese markets rose after the government reported stronger than expected factory data. Later Monday, officials briefed reporters about Beijing's efforts to get consumers to spend more, seen as key to getting the economy out of its doldrums. Most economists have advocated broad and fundamental reforms to foster greater confidence and build consumer purchasing power.
Hong Kong's Hang Seng rose 0.8% to 21,144.86, and the Shanghai Composite index was up 0.2% at 3,426.13.
China's industrial output rose nearly 6% in the first two months of the year from a year earlier and retail sales were up 4%, the government reported Monday. But officials reported continued weakness in the property market, with home prices falling and investment in real estate down nearly 10% from a year earlier.
In Tokyo, the Nikkei 225 index jumped 0.9% to 37,396.52, while the Kospi in Seoul leaped 1.7% to 2,610.69.
Australia's S&P/ASX 200 gained 0.8% to 7,854.10 and the Taiex in Taiwan was up 0.7%. Bangkok's SET gained less than 0.1%.
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Chris Megerian in Washington contributed to this report.