News
The United States Lowers Tariff On Japanese Automobiles To 15%
The 15 percent tariff on cars from Japan, which US President Donald Trump introduced as part of a trade agreement with Japan, will take effect tomorrow, the US government announced today.
In April, Trump increased the tariff on foreign cars to 27.5 percent, justifying the measure on the grounds of national security. That move significantly hit Japanese car manufacturers, reducing their profit margins, reports the Kyodo agency.
The reduced tariff is part of an agreement reached on July 22 between the US and Japan, under which, in exchange for reduced tariffs, Japan agreed to increase investment in the US and increase imports of US agricultural products.
On September 4, Trump signed an executive order granting special treatment to Japan under the new US tariff policy.
The Trump administration also announced that any excess tariffs levied since August 7 will be retroactively refunded to the Japanese importer.
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