• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Why did a $154 billion CEO just endorse stripping most Americans of voting rights—and taking us back to the 19th century?

2

New York City women are making up to $30,000 per month by renting out their closets to strangers

3

The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'

1

Why did a $154 billion CEO just endorse stripping most Americans of voting rights—and taking us back to the 19th century?

2

New York City women are making up to $30,000 per month by renting out their closets to strangers

3

The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'
Politics
Asia

Trump’s tariff pause expires next week. Here’s how well Asian governments have been doing in negotiations with Washington

By
Cecilia Hult
Cecilia Hult
Down Arrow Button Icon
By
Cecilia Hult
Cecilia Hult
Down Arrow Button Icon
July 2, 2025, 1:00 AM ET
Updated July 2, 2025, 10:58 PM ET
Donald Trump has yet to strike trade deals with any Asian countries.
Donald Trump has yet to strike trade deals with any Asian countries.Anna Moneymaker—Getty Images
Add Fortune on Google for similar content.

Update, July 2, 2025: Late Wednesday, U.S. President Donald Trump announced a trade deal with Vietnam, marking the first agreement with a Southeast Asian country since April 2. 

U.S. President Donald Trump’s 90-day tariff pause expires next week—and his administration hasn’t notched too many wins on the deals front.

The U.S.’s so-called reciprocal tariffs are set to return on July 9. On Tuesday, Trump told reporters that he wasn’t interested in extending the deadline to allow for more time to negotiate, and will soon be sending letters announcing tariff rates “to a lot of countries.”

Still, administration officials have been publicly hopeful that they can unveil more deals in the coming days, with U.S. Commerce Secretary Howard Lutnick suggesting last week that there were 10 deals ready to go. (He did not specify which countries were ready to sign a trade deal.) Kevin Hassett, director of the National Economic Council, recently said that trading deals may be announced after the July 4 holiday.

On April 2, Trump slapped steep tariffs on the rest of the world, then paused them a week later to allow time for negotiations. U.S. trading partners have spent the past three months in frantic negotiations trying to get these tariffs reduced—but as of now, they have little to show for it.

So far, the administration has agreed to a trade deal with the U.K. and a “trade agreement” with China (which merely brings tariffs back down to their “Liberation Day” levels). Late Wednesday, Trump announced a new agreement with the Southeast Asian country of Vietnam.

With just a week to go until tariffs return, here’s where things stand in Asia’s trade negotiations with Washington.

Japan 

Talks between the U.S. and Japan have hit a roadblock: Trump’s imposition of a steep 25% tariff on cars. Japan’s car industry is the fourth-largest in the world, contributing nearly 3% of the country’s GDP and employing one in eight people. The U.S. is Japan’s largest car export market, buying up a third of its total production.  

Auto tariffs are “not something we can accept,” Japan’s chief negotiator Ryosei Akazawa told reporters last Thursday. With no resolution on auto tariffs, Akazawa has said, negotiations “remained in a fog.”

Japan also faces a 24% tariff on all its exports, as well as a 50% tax on steel and aluminum.  

Still, Trump seems particularly annoyed about Japan and its long-standing trade surplus with the U.S. On Sunday, Trump complained that the one-sided auto trade was “not fair,” suggesting Japan buy more U.S. oil to close the deficit gap. He repeated his complaints on Tuesday, calling Japan “tough” and “spoiled” to reporters.

South Korea  

South Korea hopes to be exempt from all U.S. tariffs, including the 25% reciprocal tariff on its exports, as well as the 25% tariffs on cars and the 50% tariff on steel and aluminum.  

Korea’s lead trade negotiator, Yeo Han-Koo, met with Lutnick and U.S. Trade Representative Jamieson Greer to start negotiations last Monday. All parties affirmed their commitment to reaching a deal soon, and Joseph Yun, acting U.S. ambassador to South Korea, said last week that a new Free Trade Agreement (FTA) between South Korea and the U.S. may be in the works.  

Trade is the first major challenge to be faced by newly elected South Korea president Lee Jae-myung, who took office earlier this month after a snap election. In his inaugural address, Lee called “rising protectionism” a “threat to our very survival.”  

Korean negotiators don’t appear optimistic that they’ll meet the July 9 deadline, with a senior Korean official telling reporters on Monday that Seoul will try to seek an extension.

India  

Both the U.S. and India had expressed initial optimism that they would be able to reach a deal on trade, with India being one of the first countries to begin negotiations with the U.S. in April. Yet as of now, no agreement has been announced. India currently faces a 26% “reciprocal” tariff on its exports to the U.S. 

Indian officials are reportedly hesitant to lower their own tariffs on agricultural products, which would allow U.S. products into the market. Agriculture is India’s largest employment sector, with almost half of the population working in farming. 

India also hopes to benefit from supply chains moving out of China. Companies like Apple and Foxconn are investing in Indian factories, both to diversify their supply chains and potentially avoid U.S. tariffs on Chinese goods. Yet Trump has criticized Apple’s attempts to make iPhones in India, instead demanding smartphones be made in the U.S.  

Still, the U.S. president has said he remains optimistic that a deal is coming. On Tuesday, he suggested that the U.S. will soon be “able to go in and compete” in India. If New Delhi opens up its market, “we’re going to have a deal for much less tariffs,” he said.

Southeast Asia 

Southeast Asian countries got a number of the steepest tariffs on April 2, with some reaching as high as 49%. Several countries in the region rely on U.S. exports for growth, spurring a rush by leaders to offer concessions, promising to increase their own imports of U.S. goods to try to get a deal with Washington. 

Vietnam, which relies heavily on exports to the U.S., is the first Southeast Asian country to get a trade deal. On Wednesday, Trump announced on social media that Vietnamese goods will face a 20% tariff; while that’s still twice as much as the 10% baseline, it’s far lower than the originally threatened 46%. Transshipments—products from a third country sold through Vietnam—will be subject to a 40% tariff. In exchange Trump claimed that Vietnam will “open their market to the United States” and place “zero tariff” on U.S. goods.  

Indonesia and Malaysia—which face 32% and 24% tariff rates respectively—have likewise expressed optimism that they can conclude negotiations before the tariff pause expires next week.  

Thailand is less certain about the status of its trade negotiations. Thailand’s finance minister, Pichai Chunhavajira, arrived in the U.S. on Monday to begin talks in person, and has said that he hopes these talks will be extended past July 9.  

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
By Cecilia Hult

Cecilia Hult is an editorial intern based in Hong Kong.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Politics

imf
EconomyArgentina
IMF praises ‘sacrifice of the Argentine people’ as Milei’s austerity measures bring end of debt deals into view
By Débora Rey and The Associated PressJuly 28, 2026
2 hours ago
infantino
North AmericaWorld Cup
FIFA Chief Infantino lashes out at critics ‘consumed by hate and criticism’ who spread ‘hate and false rumors’
By Graham Dunbar and The Associated PressJuly 28, 2026
2 hours ago
c
HealthClinton Foundation
The Clinton Foundation thinks red states can adopt ‘practical, evidence-based solutions’ from blue states
By Glenn Gamboa and The Associated PressJuly 28, 2026
3 hours ago
Bank of America, Chipotle, Dell, and Uber are chipping in on Trump Accounts for their workers’ kids—but most companies are sitting it out
Personal FinanceDonald Trump
Bank of America, Chipotle, Dell, and Uber are chipping in on Trump Accounts for their workers’ kids—but most companies are sitting it out
By Courtney Vinopal and HR BrewJuly 27, 2026
18 hours ago
Steve Witkoff walks in front of a car dressed in suit and tie with his phone in his hand and his jacket draped over his arm.
CryptoDonald Trump
A VC says he declined to join the Trump family’s crypto venture after cofounder Steve Witkoff couldn’t pronounce ‘memecoin’
By Camila Grigera NaónJuly 27, 2026
19 hours ago
U.S. to reopen border to Mexican cattle imports after screwworm ban
North AmericaMexico
U.S. to reopen border to Mexican cattle imports after screwworm ban
By The Associated PressJuly 27, 2026
23 hours ago

Most Popular

Why did a $154 billion CEO just endorse stripping most Americans of voting rights—and taking us back to the 19th century?
C-Suite
Why did a $154 billion CEO just endorse stripping most Americans of voting rights—and taking us back to the 19th century?
By Nick LichtenbergJuly 27, 2026
22 hours ago
New York City women are making up to $30,000 per month by renting out their closets to strangers
Retail
New York City women are making up to $30,000 per month by renting out their closets to strangers
By Sarah GlodekJuly 27, 2026
1 day ago
The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'
Real Estate
The millennial generation is split in 2: an older crowd with boomer-style comfort, a younger set going 'back to the early 1900s'
By Nick LichtenbergJuly 25, 2026
3 days ago
A Nobel economist challenged Elon Musk to donate his entire $1T fortune by 2036. Musk's reply: 'I am actually going to do something along these lines'
Success
A Nobel economist challenged Elon Musk to donate his entire $1T fortune by 2036. Musk's reply: 'I am actually going to do something along these lines'
By Sydney LakeJuly 27, 2026
17 hours ago
Current price of silver as of Monday, July 27, 2026
Personal Finance
Current price of silver as of Monday, July 27, 2026
By Joseph HostetlerJuly 27, 2026
1 day ago
I've been teaching college students for decades. Most of them can no longer finish a book
Commentary
I've been teaching college students for decades. Most of them can no longer finish a book
By Austin SaratJuly 26, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.