The White House announced Monday that President Donald Trump is slated to sign an order delaying his 90-day tariff pause by another month, as the president began announcing a suite of new tariff rates on foreign goods, sending letters to countries including Japan, South Korea and Malaysia that impose tariff rates of 25% or higher. How Did Stocks React To The Tariffs? Stocks slightly fell Monday in response to Trump sharing his letters to Japan and South Korea, with losses steepening immediately after the announcement. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were all down about 1% as of early Monday afternoon, while stocks of Japanese automakers Toyota and Honda had bigger slides, dropping by 4%. Crucial Quote “These Tariffs may be modified, upward or downward, depending on our relationship with your Country,” Trump said in his letters Monday. The Trump administration has not given any specifics on which countries it will prioritize for sending letters to or reaching trade deals with before the Wednesday deadline. The European Union has expressed confidence in recent days it will reach some sort of trade agreement with the U.S. before the deadline, with EU trade spokesperson Olof Gill saying Monday, “We’re fully geared up to get an agreement in principle by Wednesday, and we’re firing on all cylinders to that effect.” Thailand has also offered concessions to the U.S. in order to avoid a 36% tariff rate, Bloomberg reported Sunday, and negotiations reportedly still remain ongoing with countries including India, Indonesia and Switzerland. Key Background Trump’s “Liberation Day” tariffs have been a major source of controversy since the president first imposed them in early April, over concerns from economists that doing so would raise prices for U.S. consumers and harm the economy. The president imposed sweeping tariffs on nearly all countries that ranged from 10% to 50%, but paused the worst of the tariffs a week later, after the tariff announcement caused the stock market to plunge and sparked fears of a recession. Trump officials vowed to use the 90-day pause to aggressively reach trade deals with foreign countries—predicting they’d make “90 deals in 90 days”—but as of Monday morning, the U.S. had so far only reached formal agreements with the U.K., Vietnam and China. Trump’s letters to South Korea and Japan come after he has now been teasing for weeks that his administration would simply send out letters imposing new tariff rates if formal deals can’t be reached. The president previously suggested letters would start being sent last Friday, but when that date passed without any notices being announced, Trump then said Sunday evening the letters would begin rolling out Monday afternoon.

A pall of acrid smoke hung over Kyiv on Friday morning following a night of intensive Russian strikes that hit almost every district of the capital, according to Ukrainian authorities. The hours of darkness were once again punctuated by the staccato of air defence guns, buzz of drones and large explosions. Ukraine said Russia had fired a record 550 drones and 11 missiles during a long night of bombardment. The strikes came hours after a phone call between Donald Trump and Vladimir Putin, after which the US president said he was "disappointed" that Putin was not ready to end Russia's war against Ukraine. A woman was killed in Russia following Ukrainian drone attacks, officials said. The acting governor of the southern Rostov region said she had been killed in a strike on a village not far from the Ukrainian border. Russia's overnight air strikes broke another record, Ukraine's air force said, with 72 of the 550 drones penetrating air defences – up from a previous record of 537 launched last Saturday night. Air raid alerts sounded for more than eight hours as several waves of attacks struck Kyiv, the "main target of the strikes", the air force said on the messaging app Telegram. Ukraine's foreign minister condemned "one of the worst" nights in the capital and said "Moscow must be slapped with the toughest sanctions without delay". Friday's attacks were the latest in a string of major Russian air strikes on Ukraine that have intensified in recent weeks as ceasefire talks have largely stalled. War in Ukraine has been raging for more than three years since Russia launched its full-scale invasion in February 2022. Following his conversation with Putin on Thursday, Trump said that "no progress" to end the fighting had been made. "I'm very disappointed with the conversation I had today with President Putin, because I don't think he's there, and I'm very disappointed," Trump said. "I'm just saying I don't think he's looking to stop, and that's too bad." The Kremlin reiterated that it would continue to seek to remove "the root causes of the war in Ukraine". Putin has sought to return Ukraine to Russia's sphere of influence and said last week that "the whole of Ukraine is ours". Meanwhile, Ukrainian President Volodymyr Zelensky said that he hoped to speak to Trump on Thursday about the supply of US weapons after a decision in Washington to halt some shipments of critical weapons to Ukraine. Kyiv has warned that the move would impede its ability to defend Ukraine against escalating airstrikes and Russian advances on the frontlines. Speaking to reporters, Trump said "we're giving weapons" and "we haven't" completely paused the flow of weapons. He blamed former President Joe Biden for "emptying out our whole country giving them weapons, and we have to make sure that we have enough for ourselves".