Trump wants to impose a 25% tariff on South Korea, but it's been postponed. Will three more weeks be enough time to negotiate? Will there be another extension?

By Jeff Mason and Leika Kihara WASHINGTON/TOKYO (Reuters) -Powerhouse Asian economies Japan and South Korea said on Tuesday they would try to negotiate with the U.S. to soften the impact of sharply higher tariffs that President Donald Trump now plans to impose from the start of August.

President Donald Trump on July 7 threatened to impose 25 percent tariffs on Japan and South Korea, and levies as high as 40 percent on 12 other countries, if they did not reach a deal by August 1.

U.S. President Donald Trump said on Tuesday South Korea should be paying for its own military protection and suggested the U.S. ally needed to pay more for the U.S. troop presence there, a day after saying he planned to impose a 25 percent tariff on its imports.

The country’s new president, in office for a little over a month, had just dispatched his senior deputies to Washington to try to work out a trade deal.