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US equity futures fell sharply Monday morning, with the S&P 500 and Nasdaq 100 futures each dropping 0.55%, and Dow futures down 226 points. This decline follows President Trump's announcement of 30% tariffs on the EU and Mexico, starting August 1st. These tariffs, coupled with upcoming inflation data, are fueling investor concern. Analysts predict either consumers or companies will absorb the increased costs, depending on pricing power.

Prepared by Christopher Adams and reviewed by editorial team.