Japanese bond yields are rising and give rise to the sense that Japan is either in the ante chamber of a full recovery, or on the precipice of something nastier

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.

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.

Trump Always Chickens Out—JPMorgan CEO Jamie Dimon cautioned that investors may be underestimating the risks of relying on past tariff U-turns. UBS’s Paul Donovan reinforced this concern in a note seen by Fortune,

While South Korean imports to the U.S. face 25% tariffs, the same as Trump promised in April, the rate on Japan has been raised by 1 percentage point to 25%.

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.

President Donald Trump announced on Monday that he is levying tariffs against South Korea and Japan beginning in August. Trump