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.

President Donald Trump issued separate letters to the president of South Korea and Japan's prime minister on Monday, saying the U.S. will start charging a 25% tariff on Aug. 1. He also sent letters to 12 other countries.