04:06 PM EDT, 07/07/2025 (MT Newswires) -- US benchmark equity indexes ended lower Monday after US President Donald Trump sent letters to seven foreign governments outlining plans for new tariffs on imported goods.

* President Trump said that imports from at least seven countries will face steep blanket tariffs starting Aug. 1. In a series of posts on Truth Social, he shared letters outlining the new tariff rates to the leaders of Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, and Myanmar. According to the posts, goods from Japan, South Korea, Malaysia, and Kazakhstan will face 25% tariffs, while South African imports will face a 30% duty, and products from Laos and Myanmar will be taxed at 40%.

* White House Press Secretary Karoline Leavitt said that 14 letters will be issued on Monday, with additional announcements expected in the coming days. She added that President Trump will sign an executive order to extend the effective Wednesday deadline to Aug. 1.

* August West Texas Intermediate crude oil was up $1.04 to settle at $68.04 per barrel, while August Brent crude, the global benchmark, was last seen up $1.36 to $69.66.

* Uber ( UBER ) shares rose roughly 3.3% after Wells Fargo raised its price target on the stock to $120 from $100 while reiterating its overweight rating.

* Tesla (TSLA) shares fell about 6.7% after CEO Elon Musk announced plans to launch a new US political party, called the "America Party," over the weekend. The decline in Tesla's stock also weighed on the broader market.