President Donald Trump on Monday announced the U.S. will impose 25% tariffs on goods imported from Japan and South Korea.
Trump shared letters addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae Myung in posts on Truth Social.
The new levies will take effect on Aug. 1. 
Stocks reacted to the announcement, with the Dow Jones Industrial Average falling more than 500 points, or 1.1%, while the S&P 500 and the Nasdaq Composite each dropped 0.9%.
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