Wall Street's main indexes extended their fall on Monday after U.S. President Donald Trump said he would impose a 25% tariff on goods from Japan and South Korea, starting on Aug. 1.

Last week, the Trump administration announced that it reached a deal with Vietnam that would allow U.S. goods to enter the country duty-free, while Vietnamese exports to the U.S. would face a 20% levy. That was a decline from the 46% tax on Vietnamese imports he proposed in April.

Wall Street’s indexes fell on July 7, 2025, after Trump announced 25% tariffs on Japan and South Korea goods, effective August 1. The Dow dropped 1.02%, S&P 500 0.86%, and Nasdaq 0.88%, with Tesla shares hit by Musk’s political party launch.