U.S. stock index futures fell on Tuesday after President Donald Trump's plans for potential pharma tariffs renewed fears about the impact of the global trade war, further dampening investor sentiment amid subdued corporate earnings.

The US trade deficit reached a new record in March, according to fresh government data published Tuesday, as imports surged ahead of President Donald Trump's "liberation day" tariff rollout.

According to data released by the Commerce Department on Tuesday, the trade deficit for March surged 14% sequentially to $140.5 billion.

President Donald Trump’s trillion-dollar request for defense in his fiscal 2026 budget request tells investors something: Trump’s peace through strength positioning isn’t bad for the industry. But the proposed spending levels might not lead to a bump for defense stocks just yet.

President DONALD TRUMP and Defense Secretary PETE HEGSETH have promised a $1 trillion defense budget. Their budget doesn’t deliver it — unless you squint. The plan the White House unveiled last week falls short unless Congress passes a one-time funding boost and includes spending from outside the Pentagon’s regular budget.

In his first full budget proposal since returning to the White House, President Donald J. Trump has laid out a sweeping $1.7 trillion spending blueprint that slashes domestic programs to levels not seen since the 1960s,