Tariff-hit nations in Asia scramble for negotiations

Powerhouse Asian economies Japan and South Korea said on Tuesday they would try to negotiate with the US to soften the impact of sharply higher tariffs that President Donald Trump now plans to impose from the start of August. Trump ramped up his trade war again on Monday, telling 14 nations that they would face tariffs ranging from 25% for countries including Japan and South Korea, to 40% for Laos and Myanmar.

- Agencies

However, with the start date pushed back to August 1, it effectively created a three-week window for countries to press for better terms, while prolonging damaging uncertainty about the terms of trade.

Stephen Miran, chairman of the White House Council of Economic Advisers, said he was optimistic that more trade deals could be struck before the end of the week.

“However, it’s incumbent upon the other countries to make the concessions that convince the president that the deals are worth taking for America,” Miran told Fox News.

Seeking concessions

Japan wants concessions for its large automobile industry, top trade negotiator Ryosei Akazawa said on Tuesday.