While Japan and South Korea Pursue Economic Talks With Washington, Beijing Offers Retaliatory Rhetoric on Tariffs

Japan’s prime minister, Shjigeru Ishiba, asked President Trump a crucial question during a 30-minute phone conversation in his quest to stymie a precipitous slide in the Nikkei stock price index: “May we talk?”One immediate result: a 6 percent leap in the Nikkei after Mr. Trump welcomed the prospect of high finance officials from Tokyo traveling to Washington to talk with their American counterparts. The sudden spurt on the Nikkei was the fourth largest in the history of the exchange — 24 hours after its third worst day.Japan’s minister for economic policy, Ryosei Akazawa, is leading the team that will meet with the treasury secretary, Scott Bessent, and probably the commerce secretary, Howard Lutnick, among others. The Japanese news agency Kyodo said Mr. Bessent is giving “priority” to Japanese concerns in view of Japan’s role as “a key security and economic ally” — and “because they came forward very quickly” asking to talk.That doesn’t mean, of course, that the Japanese expect Mr. Trump to yield easily on the 24 percent tariff he’s slapping on Japanese products. Rather, “We will keep a close eye on the situation with a sense of urgency,” Mr. Akazawa said, while “voicing vigilance over the negative effects of the so-called reciprocal tariff on the global economy.”For South Korea, like Japan a long-time staunch American ally, the quest for accommodation with America is complicated by the ongoing political struggle that has left the country without a leader capable of directing policy since Yoon Suk-yeol’s impeachment as president for his short-lived attempt at imposing martial law in December. Even so, the Korean Composite Stock Price Index increased slightly — up 0.26 percent after falling 5.57 percent the day before.Korea is now in the hands of the acting president, Han Duck-soo, who’s just set June 3 as the date for a “snap election” for a new president. Mr. Han, who has served as prime minister, economic minister, and trade minister as well as ambassador to Washington, faces problems making a real deal while the leftist opposition salivates over the chance to take over — and undo the policies of its political foes.That did not stand in the way, though, of Mr. Han getting through to Mr. Trump by phone, pleading the South Korean case in what Mr. Trump said was “a great call.” Mr. Trump made no promises, but he did say, in a posting on Truth Social, they had talked about “their tremendous and unsustainable surplus, tariffs, shipbuilding and large-scale purchase of U.S. LNG,” an abbreviation for liquefied natural gas.While Mr. Han’s experience at Washington would make him the perfect choice for negotiating with Mr. Trump’s economic team, he’s got his hands full at Seoul overseeing the transition. In his stead, Korea’s trade minister, Cheong In-kyo, is flying to Washington to see about getting out from under the 25 percent tariff imposed by Mr. Trump. He’ll meet America’s special trade representative even while knowing the government that takes over two months from now may have different ideas.The determination of America’s allies to come to terms with Mr. Trump on tariffs stands in stark contrast to the resounding rhetoric from Beijing — and the decision of China’s leaders to retaliate against the 34 percent tariff that Mr. Trump is imposing in what may well be a futile attempt to persuade the Chinese to do something about its huge trade surplus with America.Imposing a 50 percent tariff on products from America, China’s foreign ministry vowed to “fight to the end” with “countermeasures to safeguard rights and interests,” China’s English-language propaganda newspaper, Global Times, said.The tit-for-tat reflected the long-running antagonism between America and China dating from the Korean War, when Chinese Communist forces entered the war in defense of North Korea. China remains North Korea’s staunch ally — and is also South Korea’s biggest trading partner.Without engaging in military threats, China can seek revenge against America in numerous ways. Among the hardest hit may be farmers who view China as their prime export market for soybeans, among other products.“This is likely just the beginning of a long road,” the author of numerous books and articles on China, Gordon Chang, said in an interview with the Hill at Washington. During Mr. Trump’s first term, he recalled, “the negotiations between China and the U.S. spanned most of 2018 and 2019 and had frequent twists and turns.”

While Japan and South Korea Pursue Economic Talks With Washington, Beijing Offers Retaliatory Rhetoric on Tariffs

While Japan and South Korea Pursue Economic Talks With Washington, Beijing Offers Retaliatory Rhetoric on Tariffs

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