U.S. trading partners are weighing responses after President Donald Trump’s latest action on tariffs sparked a stock market selloff Monday. The White House sent letters yesterday to about a dozen countries laying out the rates at which imports would be taxed—ranging from 25% to 40%—if no other trade agreements are reached.

U.S. President Donald Trump has ramped up his trade war this week, threatening sharply higher tariffs on 14 countries starting August 1 as his administration aims to finalize agreements with others. Despite promises to work on 90 deals in 90 days,

Trump said on Monday he would impose the tariff on goods from South Korea starting on August 1, posting a letter to President Lee Jae Myung on his social media platform along with one to Japan's leader.