As for the Fed, Trump did say in a TV interview that he would not seek to remove Powell from being chairman of the Fed before his term ends next year. Many legal experts and Powell said they did not think Trump has the power, but at least this removes some of the uncertainty surrounding the central bank for the moment.

Wall Street's main indexes opened lower on Monday after President Donald Trump rekindled worries about the ramifications of a global trade war by introducing new tariffs, while focus remained on the Fed's monetary policy decision later this week.

U.S. stock index futures fell on Monday after President Donald Trump reignited concerns about the effects of a global trade war by introducing new tariffs, while markets awaited the

President Trump’s new import taxes are based not on specific goods like cars or steel, but on how he thinks other countries have treated the US.