US EditionJapan, South Korea seek to negotiate on tariffs before August deadline
SOUTH KOREA, JUL 8 – Japan and South Korea seek to reduce 25% U.S. tariffs starting August 1 amid broader trade tensions involving multiple countries, with negotiations ongoing to ease economic impact.
- President Donald Trump announced on Monday that 14 countries will face new tariffs ranging from 25% to 40% starting August 1 on goods exported to the US.
- Trump delayed the reciprocal tariffs' implementation from July 9 to August 1 to allow negotiations, but acknowledged the deadline was 'firm but not 100% firm'.
- Japan and South Korea, two major Asian economies, have intensified trade talks with the US to soften the impact of the 25% tariffs and seek concessions, especially for automotive and agriculture sectors.
- Stephen Miran, who heads the president’s top economic advisory group, expressed confidence that additional trade agreements can be finalized if other nations offer the necessary compromises to persuade the president.
- The tariffs risk stunting growth and raising prices globally, prompting the EU to prepare countermeasures and countries like South Korea to accelerate negotiations to achieve mutually beneficial trade outcomes.
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30 Articles
On the 9th, Prime Minister Shigeru Ishiba said about the tariff negotiations with the United States, "This is a battle for our national interests. We will not let them take us for granted." He also said, "We must say what needs to be said honestly, even to our allies."
Asian economies race for US trade deals
Some of Asia’s largest economies are racing to strike trade deals with the US after President Donald Trump threatened higher tariff rates by the end of the month. South Korea is eyeing a hastily arranged in-person summit between the countries’ leaders, The Korea Times reported, while Japan held the line on its demand for lower US auto duties. “There’s no way this will proceed smoothly,” Tokyo’s chief trade negotiator acknowledged. Trump’s extens…
The Globe & Mail
einnews.comJapan and South Korea push for U.S. tariff negotiations before August deadline
Ahead of a new August deadline, Japan wants concessions for its large automobile industry, while South Korea plans to intensify trade talks over the coming weeks
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