In the previous trading session Friday, Wall Street closed flat to higher, but on the week, stocks posted a loss due to concerns over a potential trade war and turmoil within the U.S. administration.
Stocks in Asia and Europe posted losses during their respective Monday trading sessions, with concerns of a possible trade war.
Forty-five U.S. trade associations — which represent some of the biggest firms in the country — have urged President Donald Trump to not inflict tariffs on China, stating in a letter that this would likely be "particularly harmful" to both U.S. consumers and the economy, according to Reuters.
Earlier this month, Trump had tweeted that he'd asked China for a plan to cut down the trade deficit between the U.S. and China by $1 billion dollars.
G-20 financial leaders are due to meet in Argentina on Monday, where trade will likely be top of the agenda.