US equity futures were falling ahead of Monday's opening bell 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 were down 1.2%, S&P 500 futures were declining 1.5%, and Nasdaq futures were 1.8% lower.

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 0.7% at $70.83 per barrel and US West Texas Intermediate crude 0.8% higher at $67.56 per barrel.

There are no major economic data due for release.

In other world markets, Japan's Nikkei closed 0.4% higher, Hong Kong's Hang Seng ended 1.9% lower, and China's Shanghai Composite finished 0.2% lower. Meanwhile, the UK's FTSE 100 was down 0.7%, and Germany's DAX index was 1.5% lower in Europe's early afternoon session.

In equities, shares of Redfin (RDFN) were 68% higher pre-bell after the company agreed to be acquired by Rocket Companies (RKT) in a deal worth $1.75 billion. Checkpoint Therapeutics (CKPT) stock was 66% higher after the company agreed to be acquired by India's Sun Pharmaceutical Industries for $4.10 per share in cash plus a contingent value right. Trevi Therapeutics (TRVI) shares were up 40% after the company said its phase 2a trial of Haduvio for the treatment of patients with refractory chronic cough met its primary endpoint.

On the losing side, Rocket Companies shares were down 14% amid the planned Redfin takeover. Ford (F) stock was 1.6% lower after the Financial Times reported that the automaker will inject up to 4.4 billion euros ($4.78 billion) into its Germany unit to keep it operational.