The president has already threatened an additional 10% tariff on goods from countries aligning themselves with a bloc of nations that includes China and Russia.

Wall Street's major averages were significantly lower on Monday, as investors dealt with renewed uncertainty amid President Donald Trump's tariff news. President Donald Trump said via Truth Social that he issued letters to South Korea and Japan,

The US president warned the nations against retaliation in his letters to them, saying any actions would be met with a response from the US.