The fourteen countries that were informed about US import duties on Monday want to sit down with the US. US President Donald Trump is keeping the door open for new negotiations.
Fourteen predominantly Asian countries received a letter on Monday containing a notification about the US import duties. The announced duties range from 20 to 40 percent. This means that American buyers have to pay that percentage extra on goods from those countries.
But there seems to be enough room for negotiations in the coming three weeks. The new duties will take effect on August 1, but that deadline is not “100 percent certain,” says Trump. “If they call and say they want to do it differently, we are open to that.” There seems to be some enthusiasm for this in Asia.
Thailand, which is being imposed with one of the highest duties at 36 percent, was a bit “in shock,” says Finance Minister Pichai Chunhavajira. The country will “fight to the end” for a better result, reports news agency Reuters.
In Indonesia, a government official says that there is still room for consultation. A negotiator is already on his way to Washington for negotiations. The US is a major importer of Indonesian palm oil. The largest economy in Southeast Asia has offered to buy more from American soil, such as energy, raw materials and airplanes.
China warns the US
Yeo Han-koo, the South Korean Minister of Trade, wants to speed up the negotiations. Exemption or reduction of import duties on cars and steel is at stake. Malaysia and Japan also want to sit down with the US again.
China, which has until August 12 to reach an agreement, is warning the US government. Duties on Chinese goods would fuel tensions between the countries. Beijing also threatens retaliatory measures against countries that conclude trade agreements with the United States that harm China.