Japanese exports slide as auto firms take hit from Trump tariffs | REUTERS
japanese exports fell for the first time in eight months in May Figures out Wednesday showed overseas shipments dropping 1.7% on the year That followed months of gains but was at least better than expected The nation’s big automakers are in the front line of the trade war They accounted for more than a quarter of the 145 billion in goods that Japan shipped to the US last year Now big names like Toyota and Mazda face 25% tariffs on their cars and the latest numbers show the impact Japanese auto exports to the US slumped 24.7% last month with shipments of parts also massively down Now Japan could also face an additional 24% levy on all goods from July 9th unless it can strike a deal with Washington Prime Minister Shigeru Ishiba had hoped that agreement would come at the G7 summit in Canada this week but he emerged empty-handed from talks with Donald Trump saying that disagreements remain to be resolved The hit from tariffs could add to pressure on Japan’s already lackluster economy which has seen growth hit by subdued private consumption The trade war also leaves the Bank of Japan with a tough call Does it cut rates to help lift growth or hike them to cool inflation This week the central bank kept rates steady and signaled it would be cautious about future moves
Japan’s exports fell in May for the first time in eight months, as major automakers like Toyota absorbed the impact of sweeping US tariffs. The failure to reach a trade deal this week is expected to add further pressure on the country’s fragile economy.
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