Flurry of trade deals offers relief for some Asian countries, while others wait

By ELAINE KURTENBACH Associated Press Business Writer BANGKOK AP U S President Donald Trump has revealed transaction deals with Japan and a handful of other Asian countries that will relieve several pressure on companies and consumers from sharply higher tariffs on their exports to the United States A deal with China is under negotiation with U S Treasury Secretary Scott Bessent saying an Aug deadline might be postponed again to allow more time for talks Steep tariffs on U S imports of steel and aluminum remain however and several other countries including South Korea and Thailand have yet to clinch agreements Overall economists say the tariffs inevitably will dent rise in Asia and the world The deals reached so far ahead of Trump s Aug deadline Trump and Japanese Prime Minister Shigeru Ishiba disclosed a deal Wednesday that will impose tariffs on U S imports from Japan down from Trump s proposed reciprocal tariffs A staff member distributes an extra edition of the Yomiuri Shimbun newspaper reporting that President Donald Trump disclosed a contract framework with Japan on Tuesday Wednesday July in Tokyo AP Photo Eugene Hoshiko It was a huge relief for automakers like Toyota Motor Corp and Honda whose shares jumped by double digits in Tokyo Trump also released commerce deals with the Philippines and Indonesia After meeting with Philippine President Ferdinand Marcos Jr Trump mentioned the import tax on products from his country would be subject to a tariff down just from the earlier threat of a tariff Indonesia also will face a tariff down from the rate Trump had in the last few days stated would apply and it committed to eliminating nearly all of its deal impediments for imports of American goods Earlier Trump informed that Vietnam s exports would face a tariff with double that rate for goods transshipped from China though there has been no formal announcement Talks with China may be extended Negotiations with China are subject to an Aug deadline but it s likely to be extended Bessent recounted Fox Business on Tuesday He commented the two sides were due to hold another round of talks this time in Sweden early next week Meanwhile Trump declared a trip to China may happen soon hinting at efforts to stabilize U S -China bargain relations A preliminary agreement released in June paved the way for China to lift particular restrictions on its exports of rare earths minerals critical for high mechanism and other manufacturing In May the U S agreed to drop Trump s tariff rate on Chinese goods to for days while China agreed to lower its rate on U S goods to The reprieve allowed companies more time to rush to try to beat the potentially higher tariffs giving a boost to Chinese exports and alleviating specific of the pressure on its manufacturing sector But prolonged uncertainty over what Trump might do has left companies wary about committing to further resources in China No deals yet for South Korea and other Asian countries Pressure is mounting on selected countries in Asia and elsewhere as the Aug deadline for striking deals approaches Supporters of the South Korean Confederation of Bargain Unions march during a rally against the executive s labor framework and U S President Donald Trump s tariffs agenda on South Korea in Seoul South Korea Saturday July The banner reads We Condemn U S for forcing the the costs of station U S troops in South Korea AP Photo Ahn Young-joon Trump sent letters posted on Truth Social outlining higher tariffs a few countries will face if they fail to reach agreements He commented they d face even higher tariffs if they retaliate by raising their own import duties South Korea s is set at Imports from Myanmar and Laos would be taxed at Cambodia and Thailand at Serbia and Bangladesh at South Africa and Bosnia and Herzegovina at and Kazakhstan Malaysia and Tunisia at The status of talks with India remains unclear but progress appears to hinge on the country s heavily protected farm sector It faces a tariff Nearly every country has faced a minimum levy on goods entering the U S since April on top of other sectoral levies Economists expect tariffs to sap rise even with contract deals Even after Trump has pulled back from the harshest of his threatened tariffs the onslaught of uncertainty and higher costs for both manufacturers and consumers has raised risks for the regional and global business sector Economists have been downgrading their estimates for expansion in and beyond Related Articles Trump likes renaming people places and things He s not the first to deploy that perk of power Trump says a China trip is not too distant as transaction tensions ease Columbia University says it has suspended and expelled students who participated in protests Senate considering nomination of ex-Trump defense lawyer for lifetime appointment to appeals court Pam Bondi says judge-picked New Jersey prosecutor succeeding Alina Habba has been removed The Asian Growth Bank stated Wednesday it had cut its advancement estimate for economies in progressing Asia and the Pacific to in and in down percentage points and percentage points The outlook for the region could be further dimmed by an escalation of tariffs and exchange friction it commented Other risks include conflicts and geopolitical tensions that could disrupt global supply chains and raise ability prices as well as a deterioration in China s ailing property industry Economists at AMRO were less optimistic expecting advance for Southeast Asia and other major economies in Asia at in and next year While countries in the region have moved to protect their economies from Trump s agreement shock they face considerable uncertainties declared AMRO s chief economist Dong He Uneven progress in tariff negotiations and the foreseen expansion of tariffs to additional products could further disrupt pact programs and weigh on expansion for the region he explained