03:24 PM EDT, 07/07/2025 (MT Newswires) -- Consumer stocks declined late Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 1.4%.

President Donald Trump posted on Truth Social two separate letters he sent to the president of South Korea and the prime minister of Japan, informing them that the US will impose a 25% tariff on imports from the two nations starting on Aug. 1. White House press secretary Karoline Leavitt said later that 12 more countries will receive letters from Trump outlining his plans with respect to bespoke tariffs, media reports said.

In corporate news, Birkenstock ( BIRK ) initiated an infringement lawsuit in India, leading to court-ordered raids on small-scale factories producing suspected counterfeit footwear, Reuters reported Sunday. Birkenstock ( BIRK ) shares fell 0.6%.