Asia Urges More Talks with US on Tariffs Before Aug 1 Deadline

Asian economies prepared on Tuesday (Jul 8) to step up trade negotiations with Washington after it hit them with steep tariffs, despite a last-ditch flurry of offers to boost imports and slash levies on United States goods.

Countries in the region formed the bulk of the 14 nations that received letters from the US so far, announcing higher tariffs on their goods from Aug 1. US allies Japan and South Korea were among those hit, with 25 per cent duties imposed on them.

Japanese Prime Minister Shigeru Ishiba told Cabinet ministers on Tuesday that it had received a proposal from the US to swiftly proceed with negotiations and that, depending on Japan's response, the content of the letter could be revised ahead of the Aug 1 deadline.

Japan will \"actively seek the chance of an agreement that benefits both countries, while protecting Japan's national interest\", he said.

South Korean President Lee Jae-myung's office said US Secretary of State Marco Rubio had indicated the new deadline, which extends a previous Jul 9 date, meant there was still time to reach an agreement. The country's Industry Ministry said Seoul would \"step up negotiations during the remaining period to reach a mutually beneficial result\".

\"We also plan to use it as an opportunity to improve domestic systems and regulations to resolve the trade deficit that is a major interest of the US,\" it said in a statement.

Bangladesh, which faces a 35 per cent levy, said there was hope of getting a reduced tariff rate as the Office of the United States Trade Representative had sent another draft document for it to review. The country's national security adviser and commerce adviser were \"working on the issue\" in the US, Commerce Secretary Mahbubur Rahman told AFP.

According to the source: CNA.