The Yale Budget Lab noted that the letters sent Monday would hike the effective tariff rate on U.S. consumers to the highest since 1934.

New vehicles from the Japanese auto makers Subaru and Honda are seen at a parking lot in the Port of Richmond, as trade tensions escalate after U.S. President Donald Trump said he would impose a 25% tariff on goods from Japan and South Korea starting on August 1,

President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other nations that would go into effect on Aug. 1. Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries.

Live updates and the latest news as Benjamin Netanyahu visits Capitol Hill following his meeting with Trump yestrday on Iran and Gaza

During their meeting, Netanyahu gave Trump a letter that the Israeli prime minister said he had used to nominate the U.S. president for the Nobel Peace Prize. Trump, appearing pleased by the gesture,

World shares are mostly higher, with financial markets shrugging off U.S. tariff pressures on its trading partners

Asian shares are mostly down as the Trump administration steps up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline

The market is coming off a broad sell-off after President Trump set a 25 percent tax on goods imported from Japan and South Korea and new tariff rates on a dozen other nations.