U.S. stock-market futures declined as the Trump administration said a broad swath of tariffs against U.S. trade partners won’t take effect until Aug. 1, rather than July 9.

OPEC+ attributed the production hike to steady global economic conditions and strong market fundamentals, pointing to low inventory levels as justification for the move.

Oil prices retreated on Tuesday, having climbed almost 2% in the previous session, as investors assessed the latest developments on U.S. tariffs and a higher than expected increase to OPEC+ output for August.