US President Donald Trump signed an order to lower tariffs on Japanese automobile imports and other products. The tariff on Japanese cars will drop from 27.5% to 15% by the end of the month, with some reductions retroactive to August 7.
Japanese automakers have been heavily impacted by Trump’s tariffs; Toyota estimated nearly $10 billion in losses. Under the new deal, Japan will purchase about $8 billion worth of US agricultural goods annually (including rice, corn, soybeans, and bioethanol) and invest $550 billion in US projects.
The agreement also ensures Japan receives the lowest tariff rates on chips and pharmaceuticals among US trade partners, with no tariffs on airplanes and parts. The EU had previously secured a similar 15% baseline tariff in its July trade deal with the US, avoiding additional duties on key industries.
https://www.channelnewsasia.com/world/trump-tariffs-japan-autos-cars-5333491
