President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by Aug. 1, while also threatening to hit a dozen other nations with steep import duties by next month.

The country’s new president, in office for a little over a month, had just dispatched his senior deputies to Washington to try to work out a trade deal.

Trump's tariff announcement has already led to a decline in stock indices, and its ripple effects are expected to affect investors in the weeks ahead.