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

US President Donald Trump has announced trade deals with Japan and a handful of other Asian countries that will relieve some pressure on companies and consumers from sharply higher tariffs on their exports to the United States.

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A deal with China is under negotiation, with US Treasury Secretary Scott Bessent saying an 12 August 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.

Trump and Japanese Prime Minister Shigeru Ishiba announced a deal Wednesday that will impose 15 percent tariffs on US imports from Japan, down from Trump's proposed 25 percent "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 percent tariff, down just 1 percent from the earlier threat of a 20 percent tariff.