US stock futures declined on Monday after President Donald Trump announced a 30% tariff on imports from the European Union and Mexico starting August 1, escalating global trade tensions. EU and Mexican leaders signaled their intent to continue talks with the Trump administration this month in hopes of negotiating a lower rate. Markets also turned cautious ahead of a key US inflation report due this week, which could offer insight into the economic impact of the new tariffs. Meanwhile, attention is shifting to the second-quarter earnings season, with major companies including JPMorgan, Wells Fargo, Johnson & Johnson, United Airlines, and Netflix set to release results in the coming days. On the policy front, economic adviser Kevin Hassett made headlines by stating that President Trump “can fire” Federal Reserve Chair Jerome Powell “if there’s cause,” adding another layer of uncertainty for investors.