Japan's Prime Minister Ishiba Welcomes US President Trump's Signing Of An Order To Implement Lower Tariffs On Automobiles & Other Japanese Imports

Tokyo: Japan's Prime Minister Shigeru Ishiba welcomed US President Donald Trump's signing of an order to implement lower tariffs on automobiles and other Japanese imports as a step that addressed uncertainty for key industries.

The reduction to 15 per cent from the previous 25 per cent was agreed between the two sides on July 22."Tariff negotiations between Japan and the United States were the top priority for the government, and we have put all our effort into achieving an agreement in the best possible way as soon as possible," Ishiba said Friday.

"The way it was achieved . is just excellent." The step on tariffs comes as the Japanese prime minister faces pressure from right-wing rivals within his party to resign over the party's July election loss.In Washington, Japan's top tariff negotiator, Ryosei Akazawa and his US Commerce Secretary Howard Lutnick also signed a joint statement, confirming a USD 550 billion Japanese investment in US projects.

Akazawa said Trump's order brings down tariffs on automobiles and auto parts to 15 per cent, and that there will be no stacking on the existing rate, and so-called reciprocal tariffs on most other goods are also set at the same rate without stacking. He said aircraft and aircraft parts will be excluded from reciprocal tariffs.The two allies agreed on the deal in July, but Japanese officials discovered days later that the preliminary deal had added 15 per cent to existing rates and objected.

Washington acknowledged the mistake and agreed to fix and refund any excess import duties paid.Akazawa said he expected the order to take effect within two weeks.Ishiba said Akazawa carried the prime minister's letter to Trump, stating his wish to build "a golden era of Japan-US relations" together, and inviting the president to visit Japan.He welcomed the deal as a result of his consistent push for investment instead of tariffs and stressed that "it is important to implement the agreement faithfully and promptly."

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