U .S. trading partners are weighing responses after President Donald Trump’s latest action on tariffs sparked a stock market selloff Monday.

Donald Trump has revived his threat to hit major trading partners with steep “reciprocal” tariffs even as he granted a three-week reprieve for countries to negotiate trade deals with the US. The president on Monday sent letters to Japan and South Korea,

President Trump said yesterday that South Korea and Japan would face a new 25 percent tariff on their exports as of Aug. 1. He also extended a pause on steeper tariffs against dozens of other nations that was set to take effect tomorrow.

President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariffs rates on key trading partners, including levies of 25% on goods from Japan and South Korea beginning Aug.