• Trade negotiations between the US and Japan/South Korea remain ongoing with key issues unresolved.
  • US Commerce Secretary warns deals 'could take significantly more time,' contradicting 'close' reports.
  • Geopolitical tensions and domestic politics complicate near-term resolutions.

Stalled Progress in Trade Talks

Recent claims that US trade deals with Japan and South Korea are nearing completion appear premature, according to officials familiar with the negotiations. While ministerial-level meetings are planned for mid-May, multiple sticking points remain unresolved on both fronts.

Japan's chief negotiator Ryosei Akazawa acknowledged 'progress' in recent discussions but emphasized work remains to reach a 'mutually beneficial deal.' The Trump administration's additional 10% tariff on US-origin goods, effective today, adds urgency to the talks while potentially hardening negotiating positions.

Contradictory Timelines Emerge

US Commerce Secretary Howard Lutnick directly contradicted optimistic timelines, stating these are 'not going to be fast deals.' His comments align with Japanese Prime Minister Ishiba's stance against rushing negotiations at the expense of national interests. 'It's not better just because it's faster,' Ishiba told reporters last week.

South Korea faces particular challenges, with its first negotiation round ending inconclusively. Key Korean priorities - including auto, steel and aluminum tariffs - reportedly haven't even reached the discussion phase. A South Korean trade official, speaking anonymously, described the talks as 'stuck in first gear.'

Geopolitical Headwinds

The negotiations occur against a backdrop of regional pushback against US trade policies. A recent joint statement from Asian finance ministers criticized 'escalating trade protectionism,' while Japanese lawmakers have reportedly grown frustrated with US tactics. One unnamed Japanese legislator likened the negotiations to 'a delinquent kid extorting somebody.'

With South Korea's presidential election approaching on June 3 and the US-China tariff pause creating ripple effects, sources suggest comprehensive agreements remain months away at minimum. As one Washington-based trade analyst noted: 'These aren't deals you can rush - not if you want them to last.'