Flurry of trade deals offers relief for some Asian countries, while others wait

BANGKOK (AP) — U.S. President Donald Trump has announced trade deals with Japan and a handful of other Asian countries that will relieve some pressure on companies and consumers from sharply higher tariffs on their exports to the United States.

A deal with China is under negotiation, with U.S. Treasury Secretary Scott Bessent saying an Aug. 12 deadline might be postponed again to allow more time for talks.

Steep tariffs on U.S. imports of steel and aluminum remain, however, and many other countries, including South Korea and Thailand, have yet to clinch agreements. Overall, economists say the tariffs inevitably will dent growth in Asia and the world.

Trump and Japanese Prime Minister Shigeru Ishiba announced a deal Wednesday that will impose 15% tariffs on U.S. imports from Japan, down from Trump's proposed 25% “reciprocal” tariffs.

It was a huge relief for automakers like Toyota Motor Corp. and Honda, whose shares jumped by double digits in Tokyo. Trump also announced trade deals with the Philippines and Indonesia. After meeting with Philippine President Ferdinand Marcos, Jr., Trump said the import tax on products from his country would be subject to a 19% tariff, down just 1% from the earlier threat of a 20% tariff.

Indonesia also will face a 19% tariff, down from the 32% rate Trump had recently said would apply, and it committed to eliminating nearly all of its trade barriers for imports of American goods. Earlier, Trump announced that Vietnam's exports would face a 20% tariff, with double that rate for goods transshipped from China, though there has been no formal announcement.

Negotiations with China are subject to an Aug. 12 deadline, but it's likely to be extended, Bessent told Fox Business on Tuesday. He said the two sides were due to hold another round of talks, this time in Sweden, early next week. Meanwhile, Trump said a trip to China may happen soon, hinting at efforts to stabilize U.S.-China trade relations.

A preliminary agreement announced in June paved the way for China to lift some restrictions on its exports of rare earths, minerals critical for high technology and other manufacturing. In May, the U.S. agreed to drop Trump's 145% tariff rate on Chinese goods to 30% for 90 days, while China agreed to lower its 125% rate on U.S. goods to 10%. The reprieve allowed companies more time to rush to try to beat the potentially higher tariffs, giving a boost to Chinese exports and alleviating some of the pressure on its manufacturing sector. But prolonged uncertainty over what Trump might do has left companies wary about committing to further investment in China.

Pressure is mounting on some countries in Asia and elsewhere as the Aug. 1 deadline for striking deals approaches.

Trump sent letters, posted on Truth Social, outlining higher tariffs some countries will face if they fail to reach agreements. He said they'd face even higher tariffs if they retaliate by raising their own import duties. South Korea's is set at 25%. Imports from Myanmar and Laos would be taxed at 40%, Cambodia and Thailand at 36%, Serbia and Bangladesh at 35%, South Africa and Bosnia and Herzegovina at 30% and Kazakhstan, Malaysia and Tunisia at 25%.

The status of talks with India remains unclear but progress appears to hinge on the country's heavily protected farm sector. It faces a 26% tariff.

Nearly every country has faced a minimum 10% levy on goods entering the U.S. since April, on top of other sectoral levies.

Even after Trump has pulled back from the harshest of his threatened tariffs, the onslaught of uncertainty and higher costs for both manufacturers and consumers has raised risks for the regional and global economy. Economists have been downgrading their estimates for growth in 2025 and beyond.

The Asian Development Bank said Wednesday it had cut its growth estimate for economies in developing Asia and the Pacific to 4.7% in 2025 and 4.6% in 2026, down 0.2 percentage points and 0.1 percentage points.

The outlook for the region could be further dimmed by an escalation of tariffs and trade friction, it said. “Other risks include conflicts and geopolitical tensions that could disrupt global supply chains and raise energy prices,” as well as a deterioration in China's ailing property market.

Economists at AMRO were less optimistic, expecting growth for Southeast Asia and other major economies in Asia at 3.8% in 2025 and 3.6% next year.

While countries in the region have moved to protect their economies from Trump's trade shock, they face significant uncertainties, said AMRO's chief economist, Dong He.

“Uneven progress in tariff negotiations and the potential expansion of tariffs to additional products could further disrupt trade activities and weigh on growth for the region,” he said.

An employee shows US dollar bills at a money changer in Jakarta, Indonesia, Wednesday, July 16, 2025. (AP Photo/Tatan Syuflana)

Supporters of the South Korean Confederation of Trade Unions march during a rally against the government's labor policy and U.S. President Donald Trump's tariffs policy on South Korea, in Seoul, South Korea, Saturday, July 19, 2025. The banner reads "We Condemn U.S. for forcing the the costs of station U.S. troops in South Korea!."(AP Photo/Ahn Young-joon)

Members of civic groups protest against U.S. President Donald Trump's tariffs policy on South Korea, near the U.S. embassy in Seoul, South Korea, Tuesday, July 22, 2025. The banners reads " The U.S. should stop raising unfair tariffs and pressuring for increased military spending."(AP Photo/Ahn Young-joon)

FILE - President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House, on April 2, 2025, in Washington. (AP Photo/Mark Schiefelbein, File)

A staff member distributes an extra edition of the Yomiuri Shimbun newspaper reporting that President Donald Trump announced a trade framework with Japan on Tuesday, Wednesday, July 23, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

CARY, N.C. (AP) — Clayton Kershaw isn't done pitching just yet, agreeing Thursday to join the U.S. team for this year's World Baseball Classic.

The three-time NL Cy Young Award winner wanted to pitch for the Americans in the 2023 tournament but was prevented because of insurance issues. He had a $20 million, one-year contract with the Los Angeles Dodgers at the time.

“I was too broken for the insurance to cover my arm and everything,” Kershaw said on MLB Network, “so now that it doesn't matter I get to go and be a part of this group.”

A left-hander who turns 38 two days after the March 17 championship game, Kershaw announced last September that he was retiring at the end of the season, his 18th in a stellar career for the Dodgers. He won his third World Series title and finished 223-96 with a 2.53 ERA and 3,052 strikeouts.

“I just want to be the insurance policy,” Kershaw said. “If anybody needs a breather or if they need me to pitch back-to-back-to-back or if they don’t need me to pitch at all, I’m just there to be there. I just want to be a part of this group.”

Later Thursday, new Chicago Cubs third baseman Alex Bregman announced he will join the U.S. team.

When Kershaw received a call from U.S. manager Mark DeRosa, he thought he was being invited as a coach.

“I didn't have a whole lot of interest in picking up a baseball again," Kershaw said. “I started throwing 10, 12 days ago and it doesn’t feel terrible, so I think I’ll be OK.”

Kershaw joins a U.S. pitching staff that includes right-handers David Bednar, Clay Holmes, Griffin Jax, Nolan McLean, Mason Miller, Joe Ryan, Paul Skenes and Logan Webb along with left-handers Tarik Skubal and Gabe Speier.

The American roster also includes catchers Cal Raleigh and Will Smith; infielders Ernie Clement, Gunnar Henderson, Brice Turang and Bobby Witt Jr.; outfielders Byron Buxton, Corbin Carroll, Pete Crow-Armstrong and Aaron Judge; and designated hitter Kyle Schwarber.

The U.S., which lost the 2023 championship game to Japan, opens March 6 against Brazil at Houston, part of a group that also includes Britain, Italy and Mexico.

Shohei Ohtani struck out then-Los Angeles Angels teammate Mike Trout to end Japan's 3-2 win in the 2023 championship. Kershaw doesn't anticipate facing Ohtani, his teammate for the Dodgers' World Series titles in 2024 and 2025.

“I think something will have gone terribly wrong if I have to pitch against team Japan in the finals or something. I think we got plenty of guys to get that guy out and not me,” Kershaw said. “But if that happens, I'll be nervous. I'll be nervous at this point.”

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FILE - Los Angeles Dodgers pitcher Clayton Kershaw celebrates the end of the top of the 12th inning against the Toronto Blue Jays in Game 3 of baseball's World Series, Monday, Oct. 27, 2025, in Los Angeles. (AP Photo/Brynn Anderson, File)