The U.S. Stocks tumble on Trump's latest tariff announcements

Major stock indexes all closed lower. The session opened in the red as traders braced for trade updates, with the losses piling up after Trump said in a post on social media that the US would impose 25% tariffs on goods from Japan and South Korea. In a later slew of posts, the president also said the US would implement a 25% tariff on Malaysia and Kazakhstan, a 30% tariff on South Africa, and a 40% tariff on Laos and Myanmar.

In late afternoon trading, the Dow Jones Industrial Average dropped over 600 points to a session low, while the Nasdaq and the benchmark S&P 500 were both down by over 1%. Stocks pared the deepest losses as the market moved toward the closing bell.

S&P 500 closed down to 6,228.96, by 0.8%, Dow Jones Industrial Average 44,385.22, down 1% (-443.31 points), Nasdaq composite 20,416.40, down 0.9%. 

Trump announced the latest tariffs on Truth Social, publishing letters he sent to the leaders of the various countries on Monday.

The letters came several hours after he threatened to impose an additional 10% tariff on nations aligning themselves with policies of the BRICS bloc.

"Please understand that the 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country," Trump wrote across the letters, later adding that if any nation were to impose retaliatory tariffs, the amount of those tariffs would be tacked on to the US's 25% import duty.