Bangkok – US President Donald Trump has announced trade deals with Japan and a handful of other Asian countries that will give some pressure from some pressure on companies and consumers with rapidly high tariffs on their exports to the United States.
A deal with China is subject to conversation, US Treasury Secretary Scott Besant said that the August 12 deadline could be postponed to allow more time to re -interaction.
Steel and aluminum’s American imports standing tariffs, however, and many other countries including South Korea and Thailand are not yet compromised. Overall, economists say that tariffs will essentially increase development in Asia and the world.
Trump and Japanese Prime Minister Shigeru Ishiba announced a deal on Wednesday, which would impose 15% tariff on US imports from Japan, below Trump’s proposed 25% “mutual” tariff.
This was a major relief for vehicle manufacturers such as Toyota Motor Corp and Honda, whose shares jumped from double digits in Tokyo. Trump also announced trade deals with the Philippines and Indonesia. After a meeting with Philippine President Ferdinand Marcos, Junior, Trump said that his country’s products would be subject to 19% tariffs, which would be just 1% below the earlier threat of 20% tariff.
Indonesia will also withstand 19% tariffs, below 32% rate Trump recently stated that it would be applicable, and it is committed to ending all its business obstacles for import of American goods. Earlier, Trump announced that Vietnam’s exports would face 20% tariff, which would double the rate for goods from China, although no formal announcements have been made.
The talks with China are subject to the August 12 deadline, but it is likely to extend it, Besant told Fox Business on Tuesday. He said that the two sides were due to another round of talks in Sweden earlier next week. Meanwhile, Trump said that China’s visit could be soon, which indicates efforts to stabilize the American-China trade relations.
An preliminary agreement announced in June paved the way for China to lift some restrictions on the export of important minerals for rare earth, high technology and other manufacturing. In May, the US agreed to drop Trump’s 145% tariff rate to 30% for 90 days, while China agreed to reduce its 125% rate on US goods by 10%. Raprive allowed companies to potentially try to try to defeat high tariffs, leading to boost the exports and reduced some pressure on its manufacturing sector. But whatever Trump has done, long -term uncertainty on it has been careful about being committed to further investment in China.
Pressure on some countries in Asia and other places is increasing as the August has a time limit of 1 August for the approach of striking deals.
Trump sent letters, posted on truth social, underlining high tariffs, some countries would face if they fail to reach agreements. He said that if they take vengeance by increasing their own import duties, then they will face even more tariffs. South Korea has a 25%set. Myanmar and Laos imports will be taxed at 40%, 36%in Cambodia and Thailand, 35%in Serbia and Bangladesh, 30%on South Africa and Bosnia and Herzegovina and 25%at Kazakhstan, Malaysia and Tunisia 25%. Almost every country has faced a minimum of 10% levy on goods entering the US since April, on top of the other sectoral levy.
Trump has pulled back from the most rigid of its danger tariff, but uncertainty and high -cost attacks for both manufacturers and consumers have taken risks to the regional and global economy. Economists are reducing their estimates for 2025 and beyond development.
The Asian Development Bank said on Wednesday that it has increased economies below 4.7% in 2025 for developing Asia and Pacific and 4.6% in 2026, 0.2% points and 0.1 percentage points in 2026.
The approach to this region can be further reduced by the increase of tariffs and business friction, it said. “Other risks include conflict and geopolitical stress that can disrupt global supply chains and increase energy prices, as well as a decline in China’s sick property market.
Economists in Amro were less optimistic, expecting an increase of 3.8% in 2025 for other major economies in Southeast Asia and Asia and 3.6% next year.
While the business of this region has gone to protect his economies from the trade shock of Trump, they face significant uncertainties, Dong He, the chief economist of Amro, said.
He said, “Tariff talks can disrupt business activities by uneven progression and possible detail of tariffs for additional products and can be the weight of development for this area,” he said.
