U.S. Treasury Secretary Scott Bessent says trade talks are going well with “several” Asian countries. And that includes two that have negotiating teams back in Washington this week.
South Korea sent a delegation back to Washington this week for what its Ministry of Trade, Industry and Energy calls “technical discussions.”
The working-level talks are targeted on tariffs and trade, with a South Korean official saying the delegation from Seoul wants exemptions from reciprocal tariffs, as well as a halt to tariffs on autos and steel products.
It's not clear what South Korea is offering in return, although increased imports of liquefied natural gas and cooperation on shipbuilding have been mentioned in the recent past.
A Japanese delegation has just arrived in Washington for a second round of talks starting Thursday.
Before leaving Tokyo, Japan's chief negotiator said Japanese automakers are currently “losing a million dollars an hour” because of U.S. tariffs.
The Asahi Shimbun reports Japan may ease some regulations on the import of American cars and some agricultural products. The country may also increase imports of liquefied natural gas from the United States if it helps move the tariff negotiations forward.
Both Japan and South Korea are facing the same timetable. The clock is ticking on that 90-day pause on tariffs, which is scheduled to end on July 8.
