Japan dubs US tariffs 'truly regrettable,' vows to do 'everything' to protect industries, jobs

Speaking at a government meeting, Ishiba said that bilateral talks will continue toward a mutually beneficial deal, according to the Tokyo-based Kyodo news agency.

On Monday, Trump announced that Washington would impose a 25% tariff on goods from Japan, South Korea, and Malaysia starting from Aug 1.

He signed an executive order that extends the date on which reciprocal tariffs will take effect to Aug. 1.

The Japanese prime minister added his government will prioritize bilateral negotiations.

Japan's trade negotiator Ryosei Akazawa said that Tokyo and Washington will step up tariff talks to reach a deal, adding that his country cannot tolerate 25% tariffs on its autos.

He added that Japan will not set a deadline in negotiating with the US on trade, including the Aug. 1 date set by Washington.

"There is no point in striking a deal with the US without agreement on tariffs on autos, which is core to Japan's economy," Akazawa, the country's economic revitalization minister, further said.

Japanese automakers make approximately 3.3 million cars annually in the US, a number that is far larger than the 1.37 million that they ship there, according to the news agency.

Akazawa went on to say that Japan will not sacrifice its agriculture sector for the "sake of trade deal with the US."

Malaysia to continue engaging US

Malaysia said it will continue engaging the US in pursuit of a "fair and balanced" trade agreement following Washington’s decision to impose a 25% tariff on Malaysian goods.

The Ministry of Investment, Trade and Industry said it values the longstanding economic partnership with the US and believes that open and fair trade supports growth and jobs in both countries, local English daily Malay Mail reported.

"These efforts are still ongoing and reflect Malaysia’s willingness to reach a fair and sustainable outcome for both parties,” the ministry said.

Kuala Lumpur also cautioned that unilateral actions could disrupt business operations, supply chains and investment flows.

Malaysia said it would take “all necessary steps” to protect local businesses, workers and consumers from the new measures.

South Korea to speed up tariff negotiations

South Korea on Tuesday said it will speed up tariff negotiations with the US to strike a "mutually beneficial" deal.

"The government views the US administration has suspended the imposition of reciprocal tariffs, including 25% duties for South Korea, until Aug. 1, and we will work to accelerate negotiations with the US to swiftly resolve trade uncertainties," the Trade, Industry and Energy Ministry said in a statement.

"We will pursue domestic institutional improvements and regulatory reforms to address U.S. trade deficits with Korea, while promoting a bilateral manufacturing renaissance partnership to advance our key industries," it added.

In the same vein, South Korea's National Security Adviser Wi Sung-lac told US Secretary of State Marco Rubio that Seoul hopes to hold a summit between Trump and President Lee Jae Myung at "an early date," to "advance a mutually beneficial outcome in all pending issues," the presidential office said in a statement.

During a meeting in Washington, Wi emphasized the need to advance tariff negotiations in a way that strengthens the bilateral alliance and expressed hope for continued cooperation between the two sides, the presidential office said.

Rubio, in return, shared the consensus and expressed hope that the two countries would remain in close communication to reach a trade agreement until the actual imposition of tariffs on Aug. 1.

Bangladesh-US negotiations

Bangladesh will have another round of talks with the US after imposition of a 35% tariff on Bangladeshi goods from Aug. 1.

Bangladesh Commerce Adviser Sheikh Bashiruddin along with National Security Adviser Khalilur Rahman is in Washington, leading the country's trade talks with the US, an official statement said Tuesday.