The United States and Japan are reportedly nearing a deal to reduce tariffs on Japanese car imports. The agreement is expected to be formalized within two weeks of a U.S. presidential executive order.
US, Japan Near Deal To Cut Auto Tariffs To 15% Soon
A Japanese government source informed Reuters that the U.S. and Japan are in the final stages of negotiations to implement lower tariffs on imported Japanese automobiles. The new tariff rate will be 15%, a significant drop from the current 27.5%.
The publication reported that the reduced tariff is expected to come into effect by the end of September. The exact date will be specified in the U.S. presidential executive order, which is still under discussion. The final decision will rest with U.S. President Donald Trump.
In July, the US agreed to lower tariffs on Japanese auto imports, but the timing remains uncertain as Trump has not signed an executive order. Japan’s top trade negotiator, Ryosei Akazawa, …