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.

China warned President Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains. Last month, the US and China agreed on a trade framework to ease tensions,

President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two crucial U.S. allies in Asia