Wall Street is pointing to a lower open Monday as the Trump administration steps up pressure on trading partners to quickly make deals before a Wednesday deadline. The U.S. will warn trading partners that higher tariffs could kick in Aug. 1.

The president is again threatening higher tariff rates on a dozen foreign nations, as a deadline elapses this week for making trade deals.

President Trump says his administration will start sending letters out to countries this week notifying them of new tariff rates if they don't have a deal with the U.S. before a new Aug. 1 deadline.