The White House has announced 25% tariffs on steel and aluminum, but they won’t take effect for about a month. And for several economies in the Asia Pacific, that leaves time for negotiations.
Japan and Australia want to avoid the latest tariffs from the Trump administration. Both countries had exemptions in the first round of tariffs on imported steel and aluminum, dating back to the first time Trump was in the White House.
In Tokyo on Wednesday, three separate cabinet members told reporters they are preparing to make the case that the move would seriously impact Japan's economy.
Australia's request for an exemption came with a reminder that it's one of the relatively few countries where the United States has a trade surplus.
Prime Minister Anthony Albanese had a phone call with the president, and afterward, Trump said that he would “give great consideration” to Australia's situation.
However, things are a bit more complicated for South Korea.
It's the fourth-largest exporter of steel to the U.S. — trailing Canada, Brazil and Mexico.
South Korea also has a lingering leadership issue as its impeached president is on trial after declaring martial law back in December.
Government officials have been holding emergency talks with steelmakers this week. The Korea Times reports a business delegation is heading to the U.S. this month.
Last month, executives at Hyundai Steel said they are considering investing in a steel plant in the United States.
It’s not clear if a move like that will be enough to avoid tariffs, but there's still time to make the case.
