US Pledges to Eliminate Stacked Tariffs and Cut Tariffs on Japanese Cars
The US has finally confirmed it will end stacked tariffs on Japanese products and cut tariffs on cars, as promised, Japan's top trade negotiator, Ryosei Akazawa, said after meetings with US officials in Washington. However, there is no certainty about when these steps will be implemented.
Akazawa explained that the US will issue a new executive order to revise the universal tariff and lower tariffs on cars and auto parts. However, he was not sure when this would be implemented, but hoped it would not take months. The US will also refund excess tariffs already paid by Japan.
The high tariffs, which have burdened Japanese automakers like Toyota and Honda, have caused significant losses, with Toyota even cutting its annual profit target due to the tariffs. The automotive sector, which employs around 8% of Japan's workforce, has been severely impacted, making tariff uncertainty a major issue for business planning.
Following Akazawa's statement, Japanese auto stocks, such as Toyota and Honda, rose significantly. However, criticism continues to emerge from the US auto industry, which feels the agreement has not resolved the major trade deficit between the two countries. Japan and the US continue to communicate to clarify and expedite the implementation of the agreement. (ayu)
Source: Newsmaker.id
