Japan Pushes for Prompt Auto Tariff Cut
(MENAFN) Japan’s chief negotiator on tariffs announced on Tuesday that he is departing for the United States later in the day to advocate for a prompt lowering of automobile tariffs, in accordance with a recently established bilateral trade accord, according to media sources.
Ryosei Akazawa, who additionally holds the position of minister responsible for economic revitalization, informed a parliamentary committee that his visit to the United States aims to ensure there are no misunderstandings regarding the mutually agreed tariff conditions, as reported by a news agency.
The administration led by Trump recently lessened the corresponding tariff on Japanese exports to 15%, though the timeline for implementing this updated rate remains uncertain.
As part of the trade agreement, Japan has committed to enhancing its investment within the United States under a $550 billion initiative.
In return, the US has agreed to reduce its import duties on Japanese automobiles from the current 27.5% down to 15%.
Given that the automotive sector represents a vital component of Japan’s economy, extended elevated tariffs may negatively impact leading automakers such as Toyota and Honda, which significantly depend on the US market.
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