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.

Asian shares are mostly down as the Trump administration steps up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline

Countries across Asia are rushing to agree better trade terms with the US after President Donald Trump shifted his tariff deadline to Aug. 1 and tweaked the rates he’s set for many economies. South Korea said it will fix rules and regulations to address US demands to lower non-tariff barriers.

German finance minister Lars Klingbeil has warned that the EU stands ready to impose retaliatory measures against US goods if the two parties fail to reach a “fair” deal to resolve their trade dispute. Klingbeil told German MPs on Tuesday:

America is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said.