{"id":5199,"date":"2025-07-08T07:40:22","date_gmt":"2025-07-08T07:40:22","guid":{"rendered":"https:\/\/friscotimes.org\/?p=5199"},"modified":"2025-07-09T09:14:08","modified_gmt":"2025-07-09T09:14:08","slug":"asia-shrugs-off-trumps-new-tariff-threat-as-governments-hope-they-can-get-a-deal-before-aug-1","status":"publish","type":"post","link":"https:\/\/friscotimes.org\/?p=5199","title":{"rendered":"Asia shrugs off Trump\u2019s new tariff threat, as governments hope they can get a deal before Aug. 1"},"content":{"rendered":"


\n<\/p>\n

Asian markets largely shrugged off the Trump administration\u2019s latest announcement<\/a> of tariff rates on some of its trading partners, as the U.S. president also seemingly pushed the start date for new taxes to Aug. 1.<\/p>\n

\n

On Monday, Trump\u2019s White House unveiled flat 25% tariffs on Japan and South Korea, two of the U.S\u2019s trading partners. Those are at roughly the same level that Trump originally threatened back in April. But now, U.S. trading partners have until Aug. 1 to negotiate new trade deals, instead of a previously imposed July 9 deadline.<\/p>\n

Japan\u2019s Nikkei 225 closed 0.3% higher on Tuesday. South Korea\u2019s Kospi rose by 1.8%.\u00a0<\/p>\n

In his letters <\/a>to Japan and South Korea, Trump noted that goods deemed to be transshipped to \u201cevade a higher tariff will be subject to that higher tariff,\u201d though did not give specifics.<\/p>\n

A previously announced deal with Vietnam imposed a 40% tariff on goods transshipped through the Southeast Asian country, but the Trump administration has yet to share how it understands \u201ctransshipment\u201d as a concept.<\/p>\n

The U.S. president also threatened to hike tariffs further if either Japan or South Korea retaliates with their own measures.<\/p>\n

Both Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae Myung expressed optimism on Tuesday that they could find a mutually agreeable arrangement before Aug. 1.\u00a0<\/p>\n

Elsewhere in Asia, Hong Kong\u2019s Hang Seng Index is up by 1% as of 3:30 a.m. Eastern Time. India\u2019s Nifty 50 is flat. Australia\u2019s S&P\/ASX 200 also closed flat.\u00a0<\/p>\n

Trump told reporters on Monday that the tariffs weren\u2019t \u201c100% firm,\u201d meaning there was still room for negotiation before Aug. 1. A total of 14 letters were sent out, and more than half were sent to economies in Asia.<\/p>\n

<\/div>\n

Southeast Asia<\/h2>\n

Many other economies, particularly in Southeast Asia, were also slapped with new tariff rates on Monday, ranging from 25% to 40%. While some of these rates were lower than what was threatened back in April, they are still an escalation from the flat 10% tariff on all U.S. imports.\u00a0<\/p>\n

The 90-day tariff pause for trade negotiations was originally meant to expire on Wednesday. That deadline appears to have been extended to Aug. 1, allowing more time for negotiations.\u00a0<\/p>\n

And that could be much appreciated breathing room for Southeast Asian economies, which rely on the U.S. as a major export market.\u00a0<\/p>\n

Indonesia, Thailand, Malaysia, and Cambodia have all publicly offered to buy more U.S. products, like energy or agricultural goods.<\/p>\n

Malaysia, already in negotiations with Washington, said Tuesday that it will continue negotiations with the U.S. The country is now getting a 25% tariff, one percentage point higher than what was proposed on \u201cLiberation Day.\u201d<\/p>\n

Malaysia\u2019s Ministry of Investment, Trade, and Industry said in a statement that the country is \u201ccommitted to continuing engagement with the U.S. towards a balanced, mutually beneficial, and comprehensive trade agreement.\u201d<\/p>\n

In Thailand, Finance Minister Pichai Chunhavajira expressed<\/a> confidence that the country could negotiate a lower tariff rate following the 36% announced by Trump.\u00a0<\/p>\n

The day before, Pichai noted<\/a> Thailand had offered to reduce import taxes on 90% of U.S. products, and to eliminate taxes on many items. He believed the U.S. has yet to consider Thailand\u2019s proposal, and that continued talks will lead to a positive outcome by Aug. 1.\u00a0<\/p>\n

Indonesia\u2019s Coordinating Minister for Economic Affairs, Airlangga Hartarto, is expected to arrive in Washington on July 8 to meet with U.S. representatives. Last week, Indonesia said<\/a> it was committing $34 billion in trade and investment agreements with the U.S. The Southeast Asian country will now see a 32% tariff rate on its products, the same rate as what was proposed on April 2.\u00a0<\/p>\n

Cambodia got a 36% tariff on Monday, lower than the 49% originally threatened in April. The Southeast Asian country, which got one of the highest Liberation Day tariff rates, has previously agreed to cut tariffs on U.S. goods.\u00a0<\/p>\n

Correction July 8, 2025: This article previously misstated Cambodia\u2019s new tariff rate published on July 7, 2025.<\/em><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

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