US stock index futures dropped on Monday after President Donald ​Trump rejected an Iranian proposal to end the conflict, leading to a spike in crude prices that ‌rekindled inflation concerns and drove Treasury yields higher.

President Trump rejected Iran’s proposal over the weekend, calling it “unacceptable,” but Iran said it was still waiting for “definitive news” from Washington.

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Fox News national correspondent Jeff Paul reports on President Donald Trump rejecting an Iran deal to reopen the Strait of Hormuz and U.S. talks with the regime on ‘Fox Report.’

The White House says China will ease tariffs on American agriculture products, seafood and wood products, while the U.S. is set to lower tariffs on Chinese consumer products.

The deal covers $30 billion of less sensitive trade in either direction and follows President Trump’s summit with Xi Jinping.

The United States and China have agreed to reduce tariffs on $30 billion US of goods and launch a dialogue on AI, both countries said following President Xi Jinping's visit to Washington.

The U.S. and China agreed to lower tariffs on $30 billion worth of goods each country imports from the other and launch new talks on artificial intelligence (AI) following President Trump’s summit