The country’s new president, in office for a little over a month, had just dispatched his senior deputies to Washington to try to work out a trade deal.

New vehicles from the Japanese auto makers Subaru and Honda are seen at a parking lot in the Port of Richmond, as trade tensions escalate after U.S. President Donald Trump said he would impose a 25% tariff on goods from Japan and South Korea starting on August 1,

Major stock indexes declined while the dollar strengthened on Monday as U.S. President Donald Trump unveiled sharply higher U.S. tariffs on goods from Japan, South Korea and other countries in the latest development in the U.