US President Donald Trump has finalized trade agreements with Japan, the Philippines, and Indonesia, easing the burden of steep tariffs on their exports to the US, while South Korea, Thailand, and others face a looming Aug 1 deadline.

Japan’s tariff was reduced to 15% from a threatened 25%, boosting shares of automakers like Toyota and Honda. The Philippines and Indonesia secured 19% tariffs, down from 20% and 32%, respectively, with Indonesia pledging to remove trade barriers for US goods. Vietnam’s deal sets a 20% tariff, with 40% for China-transshipped goods.

Negotiations with China, facing an Aug 12 deadline, may extend, with US Treasury Secretary Scott Bessent noting upcoming talks in Sweden. A June agreement saw China ease rare earth export restrictions, while the US lowered its 145% tariff on Chinese goods to 30% for 90 days, and China cut its 125% tariff on US goods to 10%. Trump hinted at a potential China visit to stabilize trade ties.

South Korea faces a 25% tariff, while Cambodia and Thailand confront 36%, Myanmar and Laos 40%, and others like Bangladesh and Serbia 35%. These nations risk higher levies if they retaliate. Economists warn that even with deals, tariffs will curb growth.

The Asian Development Bank cut its 2025 growth forecast for developing Asia to 4.7%, citing trade tensions and supply chain risks. AMRO predicts even lower growth at 3.8%, with uncertainties clouding investment. “Tariffs and geopolitical tensions could further disrupt trade,” said AMRO’s chief economist, Dong He.

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