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.

The U.S.’s closest security allies in Asia, along with six Southeast Asian countries, have been given another three weeks to negotiate trade deals — or face higher tariffs.

Japan's trade deal with the U.S. must include tariff concessions for its vital automobile industry, top trade negotiator Ryosei Akazawa said on Tuesday, after President Donald Trump announced 25% tariffs on goods from Japan starting August 1.

Japanese Prime Minister Shigeru Ishiba called the announcement of slightly higher US tariffs “truly regrettable” while he vowed to continue to protect his nation’s interests in the extended trade negotiations.

Japanese Prime Minister Shigeru Ishiba said on Tuesday that Japan would continue negotiations with the United States to seek a bilateral trade deal that benefits both countries. Japan has received a proposal from the United States to continue trade discussions until the newly set August 1 deadline,