President Donald Trump cranked up the pressure on two of America’s key trading partners, Japan and South Korea, firing off letters Monday to the heads of their countries, informing them of their new tariff rate.

President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by August 1, while the U.S. also threatened to hit five other nations with import duties of up to 40% by next month.

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.

America’s largest trade partner is awaiting word on whether U.S. President Donald Trump will impose punishing tariffs on its goods

Gold prices slipped to a near-one-week low on Monday due to an uptick in the U.S. dollar, with investors awaiting details on the trade front ahead of U.S. President Donald Trump's tariff negotiation deadline.

Stock markets began a crucial week on the back foot amid elevated uncertainty around Trump’s tariff plans ahead of the July 9 deadline.

Global shares mostly fell Monday as the Trump administration stepped up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline, with plans for the United States to start sending letters warning countries that higher tariffs could kick in Aug.