Japan calls Trump’s money market tariff salvo ‘regrettable’

U.S. President Donald Trump’s tariff letters that threaten steep duties on a number of international locations, together with key allies, have led to “shock” and “remorse” at the same time as nations expressed optimism that negotiations would yield favorable outcomes.

Japanese Prime Minister Shigeru Ishiba mentioned the money market tariff announcement was “truly regrettable,” whereas stressing that he would proceed negotiations with the U.S. authorities, in keeping with native media reviews.

Japan is among the many two nations set to to see a rise within the “reciprocal” tariff charge that Trump had introduced in April. Japanese imports into the U.S. will face a 25% levy, beginning Aug. 1, in keeping with the White Home, greater than the 24% introduced earlier.

At a gathering with cupboard ministers on Japan’s technique on tariffs, Ishiba famous that the Trump administration had proposed a plan to proceed talks till the August deadline.

“Relying on Japan’s response, the content material of the letter might be revised,” Ishiba mentioned on the assembly Tuesday morning, hours after Trump posted a replica of his tariff letters on social media platform Fact Social.

In the meantime, South Korean leaders vowed to speed up tariff negotiations with the Trump administration to “swiftly resolve commerce uncertainties,” Yonhap News reported, citing a press release from the Ministry of Commerce, Trade and Power.

Trump introduced a 20% blanket tariff on imports from the nation, unchanged from his “reciprocal” tariff stage introduced in April.

Yeo Han-Koo, South Korea’s commerce minister, additionally reportedly requested U.S. to lower tariffs on vehicles, metal and different items for Korean corporations in a gathering with U.S. Commerce Secretary Howard Lutnick in Washington.

Thai Finance Minister Pichai Chunhavajira mentioned Tuesday that he was “a little bit shocked” by the money market tariff charge however remained “assured” that it’ll drop to ranges much like these on different international locations, in keeping with Reuters.

Thailand faces a 36% tariff on its exports to the U.S. — one of many steepest charges among the many 14 nations Trump talked about Monday — unchanged from the April stage.

Malaysia, which noticed its tariff charge rise to 25% from the beforehand threatened 24%, mentioned it’ll proceed to interact with the U.S. to handle excellent points.

“Malaysia is dedicated to persevering with engagement with the US in direction of a balanced, mutually useful, and complete commerce settlement,” the Ministry of Funding, Commerce and Trade mentioned in a press release Tuesday.

Exterior Asia, South African president Cyril Ramaphosa disagreed with the 30% tariff charge in a statement posted on X. The levy was “not an correct illustration of obtainable commerce information,” Ramaphosa mentioned, including that 77% of U.S. items entered the nation with zero tariff.

South Africa will proceed with its diplomatic efforts towards a “extra balanced and mutually useful commerce relationship with america,” he mentioned.

Deborah Elms, head of commerce coverage at a assume tank Hinrich Basis, mentioned international locations’ negotiating efforts with Trump appeared to have little affect on the result.

“ASEAN members that labored exhausting to develop packages acquired nearly all the identical therapy as international locations that both didn’t fly to DC or weren’t invited to fulfill,” Elms mentioned, including that Trump should be focusing on Asian nations out of “worries over regional provide chains that embody content material from China.”

Trump shared screenshots of letters detailing new tariff charges for over a dozen international locations in a collection of social media posts Monday, permitting room for additional negotiations earlier than the renewed deadline of Aug. 1. The letters indicated that the U.S. might contemplate adjusting the brand new tariff ranges.