S tocks closed down significantly on Monday after President Donald Trump announced steep tariffs on seven countries and threatened to impose new levies on others. The Dow Jones Industrial Average closed down 422 points, or 0.9%, while the S&P 500 dropped 0.7%. The tech-heavy Nasdaq declined 0.9%.

Wall Street is pointing to a lower open as the Trump administration steps up pressure on trading partners to quickly make deals before a Wednesday deadline

President Trump said Japan and South Korea, two of America’s closest allies, would face tariffs of 25 percent unless the countries reach some kind of trade agreement with the United States. Other countries received notice of higher levies.

America’s largest trade partner is awaiting word on whether U.S. President Donald Trump will impose punishing tariffs on its goods

President Donald Trump said in a Truth Social post that countries aligned with BRICS face an additional 10% tariffs.

President Trump threatened late Sunday to impose an additional tariff on countries that align themselves with the policies of BRICS nations, after the group expressed “serious concerns” over countries imposing unilateral tariffs.