The United States Imposes 15% ‘reciprocal’ Tariff On Most Japanese Goods | US Tariff | N18G

The United States Imposes 15% ‘reciprocal’ Tariff On Most Japanese Goods | US Tariff | N18G

Japan says the US has promised to clear up confusion over a trade deal. Tokyo thought it had agreed to a 15% levy on its exports in July, but media reports suggested the rate would actually be stacked on top of existing tariffs. That meant some goods could face much higher levies than expected. Now, Japan trade negotiator Rios Akazawa says Washington has agreed to fix what he called a regrettable error. He says US Treasury Secretary Scott Bezant has promised to ensure that tariffs are not stacked. Bezant and Commerce Secretary Howard Lutnik also reportedly said they would ensure auto tariffs fell to 15% from the current 27.5%. There was no immediate comment on the claims from either the Treasury or Commerce departments. The confusion comes after much of Akazawa’s earlier agreement with Washington was never put into a signed document. That left a degree of ambiguity over the terms of the deal and caused Japanese firms to worry that they could face higher tariffs than anticipated. [Music] Yukimi Nita is a rare thing in Japan. She’s a fan of big American cars. The salon owner is on her second Jeep. She says she was worried the car wouldn’t fit into Japanese roads and parking spots, but has got used to managing its bulk. However, cars like this remain a rare sight on Japanese roads. And that has Donald Trump riled. He’s complained that Japan refuses to accept US cars while selling millions to American buyers. Chevy, Cadillac, and Dodge combined sold barely more than 1,000 units in Japan last year. But Trump may be wrong to think it’s trade barriers blocking sales. Christopher Richa is a senior research analyst at CLSA. The American makers really to sell more here, you’d have to make an investment here. And given that one that the this is one of the smaller major markets and that um that the prospects of them selling a lot more are probably slim. I don’t see any American makers really investing any money here to lift their sales presence in Japan because the market in Japan is simply very different to the US. About a third of the vehicles sold in the country are so-called K cars. economical little autos optimized for Japan’s narrow urban streets. Consumers tend to see American cars as oversized gas guzzlers that would be hard to live with. Even fans of US cars concede the point. Yumihito Yasu is the president of Jonan Jeep Pati, which sells used American autos. [Music] In Japan, especially in Tokyo, parking lots are really small, aren’t they? Some places even have mechanical parking systems where you put your car on an elevator, something unimaginable in the US. In those kind of places, cars of this size simply won’t fit. So, the parking situation is a major factor. Yasu says import taxes and shipping costs certainly don’t help, contributing to driving the final retail price higher. But even if those factors could be tackled, finding Japanese buyers for America’s giant cars could prove a hard cell. [Music] [Applause] [Music] They’ve been fighting so long and so hard that they don’t know what the they’re doing. [Music] carrying India’s prestigious [Music] [Music] [Music] Heat. Heat. [Music]

A 15% “reciprocal” tariff is now in effect on most Japanese goods entering the United States, following a shaky 11th-hour compromise reached two weeks ago to avoid the worst-case scenario.
The new rate kicks in as the two countries remain at loggerheads over Japan’s $550 billion investment pledge made as a part of the trade deal, when and if auto tariffs will be lowered and even the terms and conditions of the reciprocal tariff.

#japan #ustariffs #usnews #news18

News18 Mobile App – https://onelink.to/desc-youtube