Japan Pushes U.S. to Finalize Auto Tariff Agreement

Japan's chief tariff negotiator, Ryosei Akazawa, is scheduled to travel to Washington this week. He aims to persuade the United States to expedite the process of President Donald Trump signing an executive order that would enforce a 15% tariff rate on automobile imports.

Last month, both countries reached a trade agreement to lower tariffs on Japanese automobiles entering the U.S., reducing them to 15% from a previous 27.5%. Additional reductions involve duties on other Japanese goods, decreasing from 25% to the agreed 15% rate. Akazawa emphasized the importance of the executive order during a parliamentary session.

Addressing concerns regarding 'stacking'—where goods face multiple tariffs—Akazawa remarked on the need to ensure items already taxed above 15% would not incur the additional reduced rate, mitigating any undue burden on exporters.

(With inputs from agencies.)