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Export-dependent Asian countries are setting the pace in seeking some kind of trade agreement with the US before punitive tariffs snap back.

The exception is China, with no public signs that the region’s biggest US trading partner is willing to talk yet.

Treasury Secretary Scott Bessent singled out Asia when he said at the weekend that trade talks were “moving along very well.” The US has established a process for negotiations with 17 nations over the next 90 days, he said.

What comes out the other end looks less like a series of fully-baked accords than smaller, interim deals that President Donald Trump can tout as quick wins in his disruptive trade policy.

Trump imposed and then suspended tariffs on much of the world earlier this month. With levies on many Asian nations’ economies set at punitively high levels which would decimate their exports, there is plenty of incentive to make the 90-day grace period permanent.

Bessent said the US and South Korea could reach an “agreement of understanding” on trade as soon as this week, although Korean officials see early July as more realistic.

Others are offering to buy more from the US, including Alaskan LNG for Japan, fighter jets for Vietnam, and food for other Southeast Asian nations.

India is perhaps the most advanced, having agreed on 19 areas for negotiation including greater market access for goods and services such as agricultural products, sources say. Japan’s chief negotiator is meanwhile looking to make his second trip to Washington in the coming days.

China and European nations, including the UK, are not engaging in anywhere near the same level of effort to stave off tariffs, rather waiting and assessing the situation.

It’s an open question whether racing to appease Trump or exercising patience proves the wiser course. James Mayger

WATCH: Asian economies such as South Korea, Japan, and India are leading the way in trade negotiations with the Trump administration. Bloomberg’s Balazs Penz reports.

Global Must Reads

Trump suggested that his tariffs will help him cut income taxes for people making less than $200,000 a year, as public anxiety rises over the impact of his economic agenda. Voter discontent with his stewardship is hurting his popularity as he approaches this week’s symbolic 100-day mark of his second term, with a CNN poll published yesterday showing that just 39% of Americans approve of how he has steered the world’s biggest economy, the lowest of his two presidencies.

China dialed up scrutiny of Hong Kong billionaire Li Ka-shing’s planned Panama ports sale to a BlackRock-backed group, while Trump sought preferential treatment for US ships in the waterway, adding to uncertainty over whether the blockbuster deal will go ahead. The US and China have been embroiled in an escalating war of words over the canal, which handles roughly 3% of global seaborne trade.

North Korea acknowledged for the first time that it deployed troops to support Russia’s war on Ukraine, claiming it had helped Moscow retake control of the Kursk border region. Russia hasn’t received a US proposal to give up control of the Zaporizhzhia nuclear plant it occupies in southeast Ukraine, Foreign Minister Sergei Lavrov told CBS’s Face the Nation in an interview broadcast yesterday.

Israel carried out an airstrike in a Beirut suburb targeting a Hezbollah missile storage facility it said posed a “significant threat,” as the Jewish state continued to attack sites linked to the militant group despite a ceasefire agreement. The Israeli Air Force fired three missiles at the target, damaging buildings and cars in the area, Lebanon’s state-run NNA news agency reported.

Emergency services at the site of an Israeli strike in Beirut yesterday. Source: AFP/Getty Images

Iran held a day of national mourning today following an explosion at a key commercial port in the country’s south that state media said killed 40 people and injured more than 1,200. Authorities are investigating the cause of Saturday’s blast that ripped through the Shahid Rajaee port, sending shockwaves across nearby towns and cities.

The Conservative Party has chipped away at the lead held by Mark Carney’s Liberals in the final days of Canada’s election campaign, though surveys still point to a probable Liberal victory in today’s vote.

Hungary’s economy minister said the government won’t scale back ties with China, rejecting calls by Trump’s eldest son, Donald Trump Jr., during a visit to Budapest last week to choose the US instead as its main economic partner.

China has asserted sovereignty over an uninhabited reef in the South China Sea by planting a flag, according to state media, setting the stage for an escalation of tensions with the Philippines over the disputed area.

Germany’s Christian Democratic Union named two executives as cabinet ministers to serve under conservative Chancellor-in-waiting Friedrich Merz, filling in key personnel with business experience as the new government faces pressure to revive growth.

A global race to recruit US scientists is heating up as Trump’s sweeping cuts to funding and federal agencies trigger an exodus from the country’s research institutions.

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Chart of the Day

Trump promised Americans a “boom like no other” if they elected him president. The action certainly has been explosive during his first 100 days in office — just not in the way investors might have been hoping. Despite last week’s rally, the S&P 500 Index is down about 8% since his inauguration and on track for its worst run during a president’s first 100 days since Gerald Ford in 1974, following Richard Nixon’s resignation.

And Finally

When Stephen Miller left the White House in 2021, the key Trump adviser turned in his badge with a parting quip: “I’ll see you in four years.” Almost immediately, Miller and his team set about preparing a flurry of actions they’d unleash if the 45th president was able to mount a comeback. That preparation, sources say, enabled what has been a defining feature of Trump’s second term: A breakneck speed that is both one of the administration’s most effective tools and most glaring vulnerabilities.

Stephen Miller. Photographer: Ken Cedeno/UPI/Getty Images

Thanks to the 36 people who answered Friday’s quiz, and congratulations to Stephen Markscheid, who was first to correctly identify Venezuela as the country whose leader formally rejected a proposal to exchange hundreds of convicts held in a notorious El Salvador prison for the same number of political detainees.

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