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U.S. Agrees Not to Add Tariffs on Japanese Cars
The Trump administration confirms it won’t impose new tariffs on imported cars from Japan as long as U.S.-Japan trade talks continue to make progress.
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The Trump administration confirms it won’t impose new tariffs on imported cars from Japan as long as U.S.-Japan trade talks continue to make progress.
President Donald Trump and Prime Minister Shinzo Abe signed a narrowly defined trade deal yesterday that addresses digital trade between the countries, lowers Japanese tariffs on American farm products and reduces U.S. import taxes on Japanese machine tools and musical instruments.
The pact says the two countries will “refrain from taking measures against the spirit” of the agreement. Larry Kudlow, the Trump administration’s top economic adviser, told reporters earlier today that auto tariffs are “off the table.”
The deal says nothing about imported cars from Japan. Last year, the U.S. shipped $75 billion worth of goods to China and imported $142 billion in goods from Japan. Vehicles constitute the largest portion of Japan’s shipments.
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