London (CNN Business)1. Tariff Man: A tariff threat from President Donald Trump is roiling markets again.

US stock futures and global stock markets, including shares of Asian and European automakers, tumbled Friday after President Donald Trump said the United States will impose a 5% tariff on all Mexican imports.Japan’s Nikkei slumped 1.6%, while South Korea’s KOSPI was mostly flat. Markets in Europe also opened lower. Britain’s FTSE 100 index fell 0.9%. Stocks in Germany shed 1.7%, and in France they dipped 1.3%.Stock futures indicated that those losses would extend to the United States. The Dow is poised to fall 260 points, or 1%, when markets open. The S&P 500 is tracking similar losses, while the Nasdaq could drop 1.3%.The Mexican peso is down more than 3% against the US dollar. Read MoreUS markets finished modestly higher on Thursday, recovering a small portion of the week’s losses. The Dow rose 43 points, or 0.2%. The S&P 500 advanced 0.2% and the Nasdaq closed up 0.3%. Despite the gains, all three major indexes are still down on the week. The Dow is on track for its sixth consecutive weekly decline, its longest streak of that kind since June 2011.2. Retail woes: A tough week for US retailers drags on.Gap (GPS) shares are down more than 13% in premarket trading after the company reported plunging sales on Thursday. Even its Old Navy brand, which is typically a strong performer, had a disappointing start to the year, with sales down 1%.Big box retailers and dollar stores are the lone bright spots. Profits at Costco (COST) beat expectations. Dollar General (DG) said sales are strong and customer traffic is up.Even so, a recent string of bad results from retail companies, including Abercrombie & Fitch (ANF) and Canada Goose (GOOS), are sparking fears about consumer spending.New data could provide more information. US personal income and personal spending data for April arrives at 8:30 a.m. ET. A final read of the University of Michigan’s consumer sentiment index for May hits at 10 a.m. ET.3. Oil drop: Crude oil prices are on track for their first monthly loss of the year.Brent crude oil, the global benchmark, dropped 3.5% Friday to $64.52 on new global trade fears. US oil fell more than 2.5% to $55.16.Driving the decline: concern that an escalating global trade fight will ding economic growth. Investors are also nervous about excess supply.Before the Bell newsletter: Key market news. In your inbox. Subscribe now!4. Coming this week:Friday — UK consumer confidence; US personal spending

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