Japan and South Korea have expressed their determination to secure improved trade agreements for their exports to the United States following President Donald Trump’s decision to move the tariff deadline to August 1 while adjusting certain rates. These developments were outlined in communications shared via the Bloomberg Terminal, affecting several key economies.
In a series of initial letters addressed to major trade allies, President Trump proposed imposing a 25 percent tariff on products originating from Japan and South Korea. Meanwhile, higher rates exceeding 30 percent were outlined for goods from Indonesia and Thailand. To provide additional time for negotiations, the U.S. president issued an executive order postponing the implementation of these new tariffs until August 1.
— News Original —
Asian Economies in Rush to Cut Tariff Deals as US Deadline Moves
Asian countries including Japan and South Korea said they’ll keep pushing for a better deal for their exports to the US after President Donald Trump shifted his tariff deadline to Aug. 1 and tweaked the ratesBloomberg Terminal he’s set for many economies. In his first wave of letters to key trading partners, Trump announced levies of 25% on goods from Japan and South Korea, with rates for Indonesia and Thailand set at over 30%. The US president also signed an executive order holding off the new duties until Aug. 1.
— news from Bloomberg