Trump’s $900 billion tariff relief deals face Japan, South Korea pushback
President Trump’s trade deals with Asian allies are facing new pushback after South Korea said Washington’s terms were unrealistic and Japan hinted that their agreement may need to be reviewed.
“We are not able to pay $350 billion in cash,” South Korea’s National Security Adviser Wi Sung-lac said. “It is objectively and realistically not a level we are able to handle.”
Seoul and Washington agreed in July to a $350 billion investment pledge as part of a trade deal to lower US tariffs to 15% from 25%. A similar pledge made by Japan worth $550 billion also remains unclear.
Last week, Trump injected new tariffs into his expanding trade agenda, targeting pharmaceuticals, heavy trucks, and furniture.
Those new tariffs range from 30% to 100%. That includes a 100% duty on patented drugs, with exemptions if the producer is building a manufacturing plant in the US or if the country has a trade agreement that covers drugs, according to the White House.
Trump also floated using revenue the US has accrued from his tariffs to offer bailouts to farmers struggling with the early effects of the duties.
Trump said farmers are, “for a little while, going to be hurt until the tariffs kick into their benefit.”
It’s unclear what mechanism the administration would use to provide relief to farmers, and it could run into issues with a looming Supreme Court review of the tariffs. An unfavorable ruling to the administration, which would follow lower court decisions, could force the administration to refund billions of dollars of that revenue.
Elsewhere, the US and China are reportedly in negotiations for a “huge” Boeing (BA) aircraft deal that could end up as a “centerpiece” of a broader trade agreement.
The US and China have made progress toward various contours of a broader deal following a call between Trump and China’s President Xi Jinping last week. Trump said after that call that the countries had reached an agreement to spin off the TikTok app in the US.
Trump’s $900B funding demands face Korea, Japan caution
President Trump’s trade deals with South Korea and Japan face fresh hurdles as both Seoul and Tokyo push back on their investment pledges in the US.
South Korea agreed in July to a $350 billion investment promise as part of a trade deal to lower US tariffs to 15% from 25%, and Japan pledged a similar investment worth $550 billion. But the deals now appear to be in jeopardy.
AstraZeneca to switch to direct US listing and pledges $50B US investment to avoid tariffs
AstraZeneca (AZN) plans to list its shares on the New York Stock Exchange and has pledged a $50 billion investment in US manufacturing by 2030 in a bid to attract more global investors but also avoid hefty tariffs on pharmaceutical imports.
South Korea says it can’t pay the US $350 billion upfront as Trump suggested
Despite a “handshake deal” the two countries made in July to lower US tariffs on South Korea, a top aide to South Korea’s president said the country can’t afford to make the payment upfront, as US President Trump has suggested, Reuters reports:
Foreigners are buying US stocks at record pace despite trade war
Concerns around whether people would boycott US products grew after President Trump announced tariffs earlier this year. However, it seems foreign investors buying US equities “Buy America” was key.
Trump’s new push: He is ‘never going to be done with tariffs’
President Trump’s announcement that he will impose tariffs on pharma imports, which includes a 100% duty on patented drugs, unless the producer is building a manufacturing plant in the US. Those tariffs will come alongside duties on heavy trucks, kitchen cabinets, and furniture items.
Trump posted on Truth Social that the tariffs would come into effect on Oct. 1, 2025.
Trump’s post was one of several that focused on industry-specific tariffs. Imported heavy trucks will be subject to a 25% duty, kitchen cabinets and bathroom vanities will be hit with a 50% levy, and upholstered furniture imports will be taxed at 30%.
This latest move from Trump is a sign of the rapid expansion of his tariff agenda. Both markets and analysts have already started to react.
Trump declares Oct. 1 date for new tariffs on furniture, kitchen cabinets, and pharma
In the most recent of a trio of posts on Truth Social, President Trump said the US would impose tariffs “on all Kitchen Cabinets, Bathroom Vanities, and associated products” alongside “a 30% Tariff on Upholstered Furniture.”
Trump cited a “FLOODING” of the products into the US from foreign countries as the reason behind the tariffs.
Trump also posted “we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.”
Trump’s first post in the flurry of announcements was the declaration of a 25% on all heavy truck manufacturers. He declared that “Heavy (Big!) Trucks” from overseas would be targeted in the first move in that industry.
Trump floats bailouts for farmers using tariff revenue
President Trump on Thursday floated using some of the tariff revenue the US has taken in so far to provide cash bailouts to farmers struggling with the early effects of the duties.
“We’re going to take some of that tariff money and give it to our farmers,” Trump said.
He admitted that farmers are, “for a little while, going to be hurt until the tariffs kick into their benefit.”
The administration has for weeks said it is looking into the potential relief for farmers, though it’s unclear how they would attempt to provide it. The Trump administration provided billions in farmer aid during the trade wars of his first term, mostly due to the effects of retaliatory tariffs from China.
White House adviser Hassett cites enormous progress on China-US trade talks
Automakers to save $700M a month as trade deal with US takes effect
Trade Representative Maros Sefcovic said on Thursday that European automakers are set to save up to $700 million a month now that the EU-US trade deal is in place.
China signals that purchases of US soybeans hinge on tariff removal
When asked if China will start purchasing US soybeans again, a Chinese commerce ministry spokesperson said the US must remove “unreasonable tariffs” first.
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