US equity futures were lower pre-bell Monday as traders monitored developments surrounding US President Donald Trump's evolving trade policy amid reports of a possible slowing of the US economy.

The Dow Jones Industrial Average futures fell 1%, S&P 500 futures decreased 1.2%, and Nasdaq futures were down 1.4%.

On Friday, Trump issued a fresh threat to impose tariffs on Canadian dairy and lumber products--the latest in a roller-coaster week of trade policy announcements.

Meanwhile, concerns that tariff policies could hit the country's economic activity increased after Trump declined to rule out a possible recession, according to media reports.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.5% at $70.74 per barrel and US West Texas Intermediate crude 0.6% higher at $67.43 per barrel.

There are no major economic data due for release.