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Oil steadied after President Donald Trump escalated the trade war, with threats of 30% tariffs on goods from the European Union and Mexico hurting appetite for risk and the outlook for energy demand.

Global benchmark Brent was little changed above $70 a barrel, after gaining 3% last week, while West Texas Intermediate was above $68. US equity-index futures dropped after the latest tariff threats, which followed US trade measures against nations from Canada to Brazil and Algeria last week.

At the same time, investors were on alert for a “major statement” promised from Trump on Russia later Monday that may see him address the war in Ukraine and US sanctions policy. Ahead of that, the president told reporters in the US on Sunday that Washington would send Kyiv more weapons.

Gold gained, bolstered by haven demand as traders weighed fresh tariff threats from President Donald Trump after he declared a 30% rate for the European Union and Mexico effective next month.

Bullion traded near $3,370 an ounce, following a 0.6% increase last week. US trading partners continued to navigate the final weeks of negotiations as Trump’s patience with talks appeared to wear thin before his Aug. 1 deadline.

The president on Saturday gave trade ultimatums to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, the latest in a string of letters he’s sent since last week to economies including Canada and Brazil that set out new duty rates.

Rising trade tensions have underscored gold’s haven appeal, although investors have grown increasingly less convinced about the likelihood of widespread upheaval after previously backed down from some aggressive tariff threats.

Asia-Pacific markets started the day mixed on Monday.

As of 8.10 a.m. Singapore time, Japan’s Nikkei 225 benchmark lost 0.33% while the broader Topix index ticked down 0.21%.

In South Korea, the Kospi index was up 0.22% while the small-cap Kosdaq moved up 0.19%.

President Donald Trump said the US will send more Patriot air-defense batteries to Ukraine, which Kyiv has said it needs to protect itself from Russian airstrikes.

“We’re not paying anything for them,” Trump told reporters Sunday on his way back to the White House. “But we will get them Patriots, which they desperately need.”

The move signalled a change of heart for Trump, who had held off approving any new weapons shipments to Ukraine since the start of his second term. Instead, he had sought to coax Russian President Vladimir Putin to the negotiating table, arguing that he could get a halt to the conflict where his predecessor, former President Joe Biden, had failed.

Mexico is projecting confidence that it will fend off a new set of 30% tariffs that President Donald Trump threatened Saturday to impose next month, with talks already underway to avert the worst.

After Trump went public with his plan by posting on social media, Mexican President Claudia Sheinbaum noted in speeches near the northern border that every country has been getting a letter from Trump as he implements global protectionist policies. Her team had already begun discussions with the US on Friday and she was confident Mexico would get a deal.

“We’ve had some experience with these things for several months now,” Sheinbaum said at a clinic opening in Ensenada, Baja California. “And I think we’re going to reach an agreement with the United States government.”

President Donald Trump unleashed his latest tariff ultimatums, declaring a 30% rate for Mexico and the European Union, as his trade agenda continues to keep allies off balance and inject uncertainty into global financial markets.

The EU had been hoping to conclude a tentative deal with the US to stave off higher tariffs, but Trump’s letter punctured the recent optimism in Brussels over the prospects for an 11th-hour agreement between the major economies.

European Commission President Ursula von der Leyen said the bloc “took note” of Trump’s letter and warned that such a move would damage both economies. The bloc’s ambassadors are scheduled to meet Sunday to discuss the trade situation.

Sunday’s move in futures comes after a negative week for stocks, although the major averages are still near record highs. The S&P 500 dipped 0.31%, its first negative week in three. The Dow fell 1.02%, breaking a three-week win streak.

Meanwhile, the Nasdaq Composite inched down 0.08%, snapping a three-week winning streak as well.

Futures on Wall Street are continuing from where they left off on Friday, as profit booking continued from higher levels amidst the increasing trade uncertainties.

The Dow futures are currently down 200 points, while those on the S&P 500 and Nasdaq are down 30 and 100 points respectively.

US President Donald Trump has now threatened tariffs on the European Union and Mexico.

They come into effect on August 1.

Wall Street fell on Friday, futures are down this morning as well.

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