Major stock indexes declined while the dollar strengthened on Monday as U.S. President Donald Trump unveiled sharply higher U.S. tariffs on goods from Japan, South Korea and other countries in the latest development in the U.

Good morning. Stocks slide after Donald Trump announces tariff rates on trading partners—with a new deadline. Tesla investors are “growing tired” of Elon Musk’s political pursuits. And telecom is the new tequila.

The slide started after Trump posted letters on his social media platform, Truth Social, that he says he sent to Japanese and Korean officials threatening them with 25% tariffs on goods being imported to the U.S. beginning Aug. 1. The countries can still reach a deal with his administration before then that could avoid those rates.