(MENAFN) The New York Stock Exchange closed lower on Monday following President Donald Trump's release of several tariff letters outlining country-specific broad tariff rates.

The Dow Jones Industrial Average fell by 0.94 percent, losing 422.17 points to finish at 44,406.36.

Meanwhile, the Nasdaq Composite declined by 0.92 percent, dropping 188.59 points to close at 20,412.52.

The S&P 500 also slipped by 0.79 percent, decreasing 49.37 points to end the session at 6,229.98.

This downturn came after Trump declared that the US government would enforce comprehensive tariffs between 25 percent and 40 percent on a list of nations including Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Tunisia, Bosnia and Herzegovina, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand.

In letters addressed to the leaders of these countries, Trump stated, “Our relationship has been, unfortunately, far from Reciprocal."

Encouraging these countries to manufacture their products within the United States to avoid the tariffs, Trump mentioned that the tariff percentages were "far less than" what would be necessary to fully remedy their trade imbalances with the US.

Additionally, Trump cautioned that these tariffs might increase beyond the current rates if those nations retaliate by imposing their own tariffs against the US.

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