Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.