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 S&P 500 retreated 0.8% from its all-time high, and bond yields ticked higher. The Dow industrials fell 0.9%.