President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other countries.

The U.S. president, whose global wave of tariffs has upended businesses and policymaking, said the European Union will receive a letter "today or tomorrow". Both Nasdaq futures and S&P 500 futures fell about 0.4%. EUROSTOXX 50 futures dropped 0.6%. The euro slipped 0.3% to $1.1668, while the dollar gained 0.4% to C$1.3704.

While South Korean imports to the U.S. face 25% tariffs, the same as Trump promised in April, the rate on Japan has been raised by 1 percentage point to 25%.

In letters so far to 14 countries, including smaller exporters to the United States such as Serbia, Thailand and Tunisia, Trump hinted at opportunities for additional negotiations, even while warning that reprisals would draw a like-for-like response.

Japan and South Korea, the United States’ closest security allies in Asia and key partners in its effort to counter China, were sent scrambling Tuesday after the U.S. president renewed his threat to impose steep tariffs on their goods,

Former Vice President Mike Pence criticized Donald Trump’s tariff agenda, saying it was a starkly different approach to trade from his first term that would harm American consumers and businesses.Pence told Bloomberg Television on Thursday that the tariffs enacted during Trump’s first presidency,

U.S. Secretary of State Marco Rubio met counterparts in Southeast Asia on Thursday during his first visit to Asia since taking office, seeking to reassure them the region is a U.S. priority despite President Donald Trump's tariff offensive.

President Donald Trump's threats to impose high tariffs on countries make U.S. trading partners and investors nervous. But his sector tariffs could hurt consumers and businesses more in the long run.