President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other countries.

South Korea, the United States and Japan will hold trilateral ministerial talks on the sidelines of a multilateral gathering in Malaysia on Friday, Seoul officials said, with steep U.S. tariffs, and other shared regional and global issues likely to be high on the agenda.

In letters so far to 14 countries, including smaller exporters to the United States such as Serbia, Thailand and Tunisia, Trump hinted at opportunities for additional negotiations, even while warning that reprisals would draw a like-for-like response.

Japan and South Korea, the United States’ closest security allies in Asia and key partners in its effort to counter China, were sent scrambling Tuesday after the U.S. president renewed his threat to impose steep tariffs on their goods,

President Donald Trump sent out letters to nations that haven't entered into trade agreements with the U.S., informing them of their new tariff rates.

The U.S. president, whose global wave of tariffs has upended businesses and policymaking, said the European Union will receive a letter "today or tomorrow". Both Nasdaq futures and S&P 500 futures fell about 0.4%. EUROSTOXX 50 futures dropped 0.6%. The euro slipped 0.3% to $1.1668, while the dollar gained 0.4% to C$1.3704.

Following White House Press Secretary Karoline Leavitt's statement that more letters are expected soon, the United States President posted five more letters to Malaysia, Kazakhstan, Myanmar, Lao People's Democratic Republic, and South Africa. 25 percent tariff has been imposed on Tunisia on its imports.