U.S. equity futures tumbled in early Monday trading, while the dollar extended its weeks-long slump and Treasury bonds rallied, as investors extended their retreat from risky markets amid broadening concerns that President Donald Trump's tariff and government jobs cuts could tip the world's biggest economy into recession.

President Donald Trump said tariffs on some goods from Canada and Mexico planned for April 2 “could go up,” and would not predict whether the United States will have a recession in 2025.

WASHINGTON—President Trump declined to rule out that the U.S. economy would contract this year and enter a recession, saying that his sweeping economic agenda could cause short-term turbulence that he believed would drive future prosperity.