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's major averages were significantly lower on Monday, as investors dealt with renewed uncertainty amid President Donald Trump's tariff news. President Donald Trump said via Truth Social that he issued letters to South Korea and Japan announcing 25% tariffs on imports beginning Aug.

The S&P 500 retreated 0.8% from its all-time high, and bond yields ticked higher. The Dow industrials fell 0.9%.