Markets are seeking clarity on President Trump's tariffs, with the president targeting Aug. 1 for new country-specific tariffs.

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.

What level of tariffs will the U.S. impose on imports and when? Stock futures were falling early Monday as markets were roiled by threats of new levies but also confusion over the deadline for the proposed duties.