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.

Over the past three months, nations across the world tried to avoid new tariffs that would punish their economies by giving President Donald Trump something he might want. Indonesia offered to buy $34 billion more