The Globe and Mail reports in its Wednesday edition that Japan and South Korea say they will negotiate with the U.S. to lessen the impact of President Donald Trump's planned tariffs, set to begin on Aug. 1. A Reuters dispatch to The Globe reports that the tariffs range from 25 per cent for countries like Japan and South Korea to 40 per cent for Laos and Myanmar. Countries have three weeks to seek better terms. Japan wants concessions for its large automobile industry, top trade negotiator Ryosei Akazawa said on Tuesday. Mr. Akazawa reported a 40-minute call with U.S. Commerce Secretary Howard Lutnick, during which they agreed to continue negotiations. However, he emphasized that he would not sacrifice Japan's influential agriculture sector for an early deal. South Korea said it planned to intensify trade talks over the coming weeks "to reach a mutually beneficial result." Following Mr. Trump's announcement of higher tariffs on 14 countries, the Yale Budget Lab estimates the effective U.S. tariff rate has risen to 17.6 per cent, the highest since 1934, up from 15.8 per cent. Goldman Sachs noted that these actions would add 1.4 percentage points to the effective rate. The European Union aims to strike a deal before Aug. 1.