Investors are digesting Trump's stiff tariffs on imports from more than a dozen countries and delayed the return of sweeping April levies.

Asian stocks were higher while European stocks and U.S. futures were mostly flat as markets focus on the latest trade developments after President Trump announced a three-week extension to the tariff deadline to Aug.

Futures on Wall Street are extending losses after benchmark indices witnessed selling pressure at the start of the new trading week. The Dow futures are currently down 110 points, while those on the S&P 500 and Nasdaq are down 15 and 25 points respectively.