Global stocks are largely lower Monday, with the dollar extending its declines, weighed on by President Donald Trump's calls for Federal Reserve Chair Jerome Powell's termination as well as Beijing's threat of retaliation against countries that strike trade deals to isolate China.

U.S. indexes were on track to open lower on Monday after President Donald Trump's renewed attacks on Federal Reserve Chair Jerome Powell sparked concerns about the central bank's independence and rattled investors grappling with an escalating trade war.

Federal Reserve Chair Jerome Powell’s firing likely isn’t imminent. But scapegoating Powell for an economic downturn could be, with troubling consequences.