Stocks closed down significantly on Monday after President Donald Trump announced steep tariffs on Japan, South Korea and other nations, set to take effect on Aug. 1.

A day later, Trump said the U.S. will impose 50% tariffs on copper, as well as 200% tariffs on pharmaceuticals.Trade deals could be coming. Japan’s top trade negotiator, for example, said July 8 that talks with the U.

Dozens of America’s trading partners are bracing themselves for August 1, the new deadline for punishing tariffs on goods they export to the United States.