The USA Corrects the Tariffs on Japanese Goods

• The USA is introducing changes to the tariffs on Japanese goods.
• Tariffs on automobiles will be reduced from 27.5% to 15%.
• Japan will receive a refund on excess duties paid.

This was reported by The Yomiuri Shimbun, The Yomiuri Shimbun.

Main Facts

The administration of President Donald Trump has decided to introduce changes to the presidential decree on tariffs on Japanese goods to correct "excessive duties". This was reported by the chief trade negotiator of Japan, Ryosuke Akazawa, after a meeting with representatives of the USA.

According to the agreement reached, the tariff on Japanese imported goods will be set at 15%, and no additional duties will be imposed on existing duties. This will allow for the removal of accumulated tariffs on goods, such as textiles, where the rate will increase to 15% instead of 22.5%. For other Japanese goods that are already subject to duties above 15%, such as dairy products, the rate will remain unchanged.

Akazawa also noted that the USA has agreed to refund excess duties collected due to this correction in the administrative process.

Tariffs on Automobiles

In addition, a new presidential decree is planned to be issued, which will reduce tariffs on Japanese automobiles and auto parts from 27.5% to 15%. This was made possible in response to Japan's investment obligations in the amount of 550 billion dollars.

Market Reaction

After the announcement of the news, the Japanese stock index Nikkei 225 rose by 1.85%. Shares of Japanese automobile companies, such as Toyota, Honda, and Subaru, also showed growth.

Necessity of Written Confirmation of Agreement

The Japanese leadership is seeking written confirmation of the agreement to prevent misunderstandings in the future. They emphasized that in the absence of written documentation, there are insufficient guarantees for ensuring stable implementation of the agreement.

Tags: USA/Economy