TRUMP SIGNS ORDER TO IMPLEMENT LOWER JAPANESE AUTO TARIFFS – The order reiterates that the Japanese government are to invest $550 billion in U.S. projects
Japanese top trade negotiator expressed his sense of relief after the U.S. President Donald Trump signed an order to implement lower tariffs on Japanese automobile imports and other products that were announced in July.
Formalizing the agreement between the U.S. and a key Asian ally comes after months of negotiations, reduces uncertainty for the massive Japanese auto sector and confirms an agreement for $550 billion of Japanese investment in U.S. projects.
“Our industries have been suffering damage every day, so we have been approaching with the intention of resolving it as quickly as possible. Despite that, it took until today for the executive order to be issued. Our stance that additional tariffs themselves are regrettable remains unchanged. But honestly, my genuine feeling is, finally,” said Ryosei Akazawa to reporters in Washington, D.C., during his 10th trip to the U.S. for the negotiations.
The lower 15% tariffs on Japanese autos, down from the current 27.5%, are set to take effect seven days after official publication of the order. Some of the tariff relief is retroactive to August 7.
Trump’s order also reiterates that the Japanese government has agreed to invest $550 billion in the United States in projects that will be selected by the U.S. government.
