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Trump Pledges No New Tariffs on Japanese Cars
The limited trade pact signed yesterday by Japan and the U.S. includes President Donald Trump’s verbal assurance that the U.S. will not impose new tariffs on cars from Japan, at least for now.
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The limited trade pact signed yesterday by Japan and the U.S. includes President Donald Trump’s verbal assurance that he won’t impose higher tariffs on cars from Japan, at least for now.
The agreement addresses farm goods and rules governing digital trade. The deal mainly provides relief for American farmers whose exports have been hurt by the U.S. trade war with China. The pact shields Japanese rice growers but lowers tariffs on American pork, beef and produce by $7.2 billion.
The U.S. describes the deal as the first part of a more comprehensive treaty. Trump had threatened to raise taxes by 25% on imported Japanese vehicles, which constitute a $50 billion annual business.
Bloomberg News says the two countries hope to put the agreement into effect on Jan. 1.
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