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.

Many countries thought they were negotiating in good faith. The White House renewed its “reciprocal” tariff plan anyway, giving countries until Aug. 1 to make offers.

America is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said.