Trump’s tariff suspension will take effect next week. Here’s how well the Asian government has done in negotiations with Washington:
President Donald Trump 90-day tariff suspension It will expire next week. His administration has not achieved too many victories at the frontline of the deal. In fact, his administration has announced only one trade agreement with the UK on July 9, when the US is intended to return so-called mutual tariffs.
Tuesday, Trump He told reporters He is not interested in extending the deadline and increasing the time to negotiate, and will soon be sending a letter announcing the tariff fees “to many countries.”
Still, the executives have been hoping to announce more deals in the coming days, along with U.S. Secretary of Commerce Howard Lutnick. I’ll suggest it last week That there were 10 transactions ready to go. (He did not specify which countries are ready to sign a trade agreement.) Kevin Hassett, director of the National Economic Council, recently said that trading transactions could be announced after the July 4 holiday.
April 2nd, Trump Slapping a sudden tariff In other worlds, they paused after a week to reserve time for negotiations. US trading partners have spent the last three months desperately negotiating to reduce these tariffs, but for now, they have little to show that.
So far, the administration has agreed to a trade agreement with the UK and a “trade agreement” with China (which simply brings back tariffs to the “liberation date” level).
It’s only a week before tariffs return, and this is where things stand in Asia’s trade negotiations with Washington.
Japan
Consultations between the US and Japan have been hit by obstacles. Trump is imposing a sudden 25% tariff on cars. Japan’s automobile industry is The fourth biggest Around the world, it donates nearly 3% of the country’s GDP and employs one in eight people. The US is Japan’s largest automobile export market and acquired it one third of its total production.
Car tariffs “is not something we can accept,” Japanese chief negotiator Ryosei Akazawa told reporters Last Thursday. Due to no resolution on automobile fares, Akazawa said negotiations were “It remained in the mist. ”
Japan also faces 24% tariffs on all exports and 50% tax on steel and aluminum.
Still, Trump appears to be particularly frustrated about the long-standing trade surplus with the US on Sunday, Trump I complained Auto trade on one side is “not fair,” suggesting that Japan will buy more US oil to close the gap in the deficit. He repeated his complaints on Tuesday, I’ll call Japan “Tough” and “spoiled” by reporters.
South Korea
South Korea hopes to be exempt from all US duties, including a 25% mutual tariff on exports, a 25% tariff on cars, and a 50% tariff on steel and aluminum.
Johanku, a South Korean leading trade negotiator, met with Lutnick and US trade representative Jamieson Greer last Monday to begin negotiations. All political parties confirmed their commitment to reach the deal soon, and South Korean ambassador Joseph Yoon said last week New Free Trade Agreement (FTA) It may be working between South Korea and the US.
Trade is the first major challenge faced by newly elected South Korean President Lee Jae-myeon. In him First addressLee called “incident protectionism” a “threat to our survival.”
South Korean negotiators seem unoptimistic that they will be in time for the July 9 deadline. Reporters to Korean officials On Monday, Seoul tries to ask for an extension.
India
Both the US and India had Expressed the first optimism Once they can reach trade, India is one of the first countries to begin negotiations with the US.April. However, no agreement has been announced so far. India is currently facing 26% “mutual” tariffs on exports to the US
That’s what Indian officials are I’m reportedly hesitant It allows our products to enter the market to lower our own tariffs on agricultural products. Agriculture is from India The largest employment sectorAlmost half of the population works in agriculture.
India also wants to benefit from the supply chain coming from China. Companies such as Apple and Foxconn I’m investing Indian factories could diversify their supply chains and avoid US tariffs on Chinese products. But Trump has criticized Apple’s attempts to make an iPhone in India. A demanding smartphone Made in the US
Still, the US President said he Stay optimistic That there’s a transaction coming. On Tuesday, he suggested that the US could “enter and compete” in India soon. If New Delhi opens the market, he said, “We’re going to do a transaction to make tariffs much less,” he said.
Southeast Asia
Southeast Asian countries suffered a number of sudden tariffs on April 2, with some reaching 49%. Several countries in the region rely on US exports for growth, spurring them from leaders to provide concessions, I promise to increase The proprietary import of US goods that seeks to get a deal with Washington.
Vietnam Prime Minister Ham Minh Ching I said Last week he was convinced that a “positive” trade deal would be made with the United States before the deadline. (Currently, Vietnam faces 46% tariffs on US exports.)
Indonesia and Malaysia– Tariff rates of 32% and 24% and 24% respectively have similarly expressed optimism that negotiations can be concluded before the tariff suspension takes effect next week.
Thailand is not very sure about the trade negotiation situation. Thai finance minister Pichai Chunhavajra arrived in the US on Monday and began a meeting in person, he said I look forward to these lectures It will be extended after July 9th.