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.

He said Japan could face a tariff of 30 to 35 percent if no deal is made, higher than the 24 percent reciprocal tariff Trump had originally imposed, and then paused, in early April. The tariff pause ends on July 9, though Trump has touted flexibility on the deadline.

U.S. stocks closed lower after President Donald Trump said in social media posts he sent letters to Japan and Korea notifying them that their tariffs would be 25%, The tariffs will be levied beginning Aug. 1 and will be added to any retaliatory tariffs from either nation.