Shares on Wall Street retreated in premarket trade on Wednesday amid a gloomier mood concerning global trade.

United States President Donald Trump reflected on trade talks with China during a speech on Tuesday, stating that tariffs on Chinese goods would increase "substantially" unless the two countries manage to secure a long-term deal.

Meanwhile, investors awaited testimony from Federal Reserve Chairman Jerome Powell. On the data front, the Consumer Price Index for October was scheduled for a release later in the day.

The Dow Jones sank 85 points at 4:20 am ET, while the S&P 500 lost 0.33%. The tech-heavy Nasdaq 100 was down 0.38% at the time. The euro gained 0.04% against the dollar, buying 1.10148.