Washington: U.S. President Donald Trump is prioritizing negotiations with two of America's closest allies, South Korea and Japan, a senior White House official stated, as numerous countries seek to engage in talks with Washington over new U.S. tariffs.
According to Yonhap News Agency, Kevin Hassett, director of the National Economic Council, made these remarks during a Fox News interview. U.S. trading partners are aiming to lower new tariffs that the Trump administration has announced to increase federal government revenue, reduce America's trade deficits, and bolster domestic manufacturing.
Last Wednesday, Trump announced a minimum 10 percent "baseline" tariff and higher "reciprocal" tariffs on what his administration termed the list of the "worst offenders." The reciprocal tariffs for South Korea and Japan were set at 25 percent and 24 percent, respectively.
Hassett emphasized the prioritization of Japan and Korea, describing them as two of the closest allies and trading partners. He noted that the Trump administration is currently managing a significant number of requests for negotiations, which he described as logistically challenging.
During a Senate hearing, U.S. Trade Representative Jamieson Greer highlighted that the Trump administration is open to "alternative" ideas from trading partners to pursue "reciprocal" trade. He mentioned that nearly 50 countries have approached him to discuss Trump's new tariff policy and explore how to achieve "reciprocity."
Greer identified trade barriers from trading partners, including exports driven by subsidies, unfair trading practices, and other non-reciprocal treatments as areas of concern. He indicated openness to alternative plans that further the objective of reducing trade deficits and achieving reciprocity.