Yet the market (as of July 11) isn't far off from its all-time high, and it doesn't seem to be poised for the same explosive sell-off that occurred in early April. Is the stock market underestimating Trump's tariffs?

Leaders from both economies had been trying to negotiate more favorable terms, only to have those efforts blown up by form letters.

President Donald Trump posted the letters to country leaders — including of Japan and South Korea — on social media, informing them of the new rates. The White House expects about 14 letters to go out today.