Trump's Trade Wrath: A Blow to Japan's Auto Exports in the States
U.S. tariff impositions under Trump: Decline in Japanese car shipments to America - U.S. tariffs on imports, specifically targeting Japan's automobile exports, cause significant sale decrease
No doubt about it, the export figures have taken a hit, according to Taro Saito, the boss economist at NLI Research Institute. He reckons Japan's automakers are slashing prices like there's no tomorrow to swallow the extra costs of these tariffs, all while keeping their customers in the Yank Tanks.
With its chips down, Japan joins the long line of countries sporting the same base tariff rate of ten percent, courtesy of the unpredictable Donaldino. Fancy a car? Get ready to fork out an extra 25 percent, and that's just the start. Steel and aluminum? You're looking at a shocking 50 percent more on your bill. Trump's hinted at cranking the general tariff rate up to 24 percent.
The Land of the Rising Sun's in deep. It's sprawling reliance on exports, and the auto sector accounting for a whopping 30 percent of its US exports last year, means this brouhaha's hitting home hard. In Japan, 8 percent of all jobs are tied to the automotive business.
May saw a 10 percent and 13.5 percent plunge in exports and imports respectively, according to the statistics whizzes.
Japan's bludgeoning through the tariff conflict, but no breakthrough has been announced, yet. PM Shigeru Ishiba held a quick chat with Trump at the recent G7 summit in Canada, but, as Ishiba himself confessed, "we're still poles apart, and we ain't got no deal yet."
- US
- Donald Trump
- Japan
- Trade Wars
- Import Tariffs
- Car
- Yank Tanks
- US President
- Tokyo
- MOF
The US President, Donald Trump, has implemented import tariffs on cars from Japan, causing a substantial increase in prices for consumers. Despite Japan's efforts to lower prices to absorb the extra costs, the US-Japan trade war is adversely affecting Japan's automotive sector, accounting for a significant portion of the country's US exports. Meanwhile, the Ministry of Finance (MOF) in Japan continues to negotiate with the US, but no breakthrough has been announced yet.
