Asia stock markets declined on Monday after President Trump confirmed that significant tariffs will start on August 1, not July 9. Treasury Secretary Bessent mentioned tariffs would return to April 2 levels for non-agreement countries.

US President Donald Trump has threatened to impose a "30% or 35%" tariff on Japan if a deal between the two countries is not reached before a deadline next week. That would be well above the 24% tariff Japan was hit with as part of Trump's so-called "Liberation Day" on 2 April,

President Donald Trump is threatening to impose higher tariffs on Japanese exports to the United States over what he claims is the country’s unwillingness to buy rice from here.