Flurry of US trade deals offers relief for some Asian countries, while others wait
A deal with China is under negotiation, with US Treasury Secretary Scott Bessent saying an Aug. 12 deadline might be postponed again to allow more time for talks.
Steep tariffs on US imports of steel and aluminum remain, however, and many other countries, including South Korea and Thailand, have yet to clinch agreements. Overall, economists say the tariffs inevitably will dent growth in Asia and the world.
Deals reached so far ahead of Trump's Aug. 1 deadline
Trump and Japanese Prime Minister Shigeru Ishiba announced a deal Wednesday that will impose 15% tariffs on US imports from Japan, down from Trump's proposed 25% 'reciprocal' tariffs.
It was a huge relief for automakers like Toyota Motor Corp. and Honda, whose shares jumped by double digits in Tokyo. Trump also announced trade deals with the Philippines and Indonesia.
After meeting with Philippine President Ferdinand Marcos, Jr., Trump said the import tax on products from his country would be subject to a 19% tariff, down just 1% from the earlier threat of a 20% tariff.
Indonesia also will face a 19% tariff, down from the 32% rate Trump had recently said would apply, and it committed to eliminating nearly all of its trade barriers for imports of American goods.
Earlier, Trump announced that Vietnam's exports would face a 20% tariff, with double that rate for goods transshipped from China, though there has been no formal announcement.
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