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US still top draw for rich immigrants, from Vietnam to Italy
MOMOE BAN
NEW YORK -- The number of wealthy people relocating across borders is forecast to reach an all-time high this year, with the U.S. remaining a favorite destination despite a crackdown on illegal immigration.
Cindy, along with her husband Leo and son Jack, left Vietnam to move to U.S., which granted them visas in 2022. The family has received permanent residency and will be eligible for citizenship in two years.
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Yomiuri Shimbun
11 hours ago
- Yomiuri Shimbun
Trump Wants More American Pick-Ups in Tokyo and London. That May Be a Hard Sell
TOKYO/STOCKHOLM, August 7 (Reuters) – Donald Trump is right that Japan and Europe buy few American-made cars – but it has little to do with trade barriers. From Tokyo to London, many consumers see Detroit's offerings as simply too big and too gas-guzzling. That view has made Chevrolets and Cadillacs a hard sell, and a rare sight, in cities full of slimmer cars from the Toyota Corolla to Honda Civic, Volkswagen Golf and Renault Clio. Trump often complains about what he sees as a refusal to accept U.S. cars while the Japanese and Europeans sell millions of automobiles a year into the United States. In recent trade deals, both markets agreed to drop or ease safety tests on American vehicle imports. Europe will lower levies on U.S. cars. But it may take more than a change of rules and lower tariffs to convince Japanese and European consumers, who contend with narrow roads and painfully tight parking, to buy big American-made Ford F-150 trucks and Cadillac Escalade SUVs. 'American cars are designed for wide roads and freeway driving, so handling them on narrow Japanese streets can be tricky. It takes a bit of technique,' said Yumihito Yasue, president of Johnan Jeep Petit in Tokyo, which imports and services vintage cars from the United States. His customers tend to be enthusiasts in their 50s and 60s who grew up seeing American cars on TV and in movies. On a recent weekday, he was servicing two Chevrolets, a lustrous brown 1971 Nova and a low-slung 1986 El Camino, both with their steering wheels on the left. In Japan, steering is on the right. Yasue inherited his love of American cars from his father, who started the business four decades ago and would travel to California to scout for cars. Yasue took over after his father died nine years ago, and sells about 20 vehicles a year. 'What makes American cars special is the design. Compared to Japanese or German cars, the body shape is more beautiful. Especially the lines, like the rear lines and the fenders,' he said. Some 3.7 million new cars were sold in Japan last year, with a third of those mini or 'kei' cars – tiny, fuel efficient vehicles not produced by American automakers. Overall, foreign cars accounted for 6% of new car sales, data from the Japanese Automobile Manufacturers Association showed. Of those, around 570 Chevys, 450 Cadillacs and 120 Dodges were sold, data from the Japan Automobile Importers Association showed. Ford F.N pulled out of Japan almost a decade ago. Tesla TSLA.O makes cars sleeker than some of Detroit's and is becoming more popular. The data does not give a breakdown for the EV maker. 'WE DON'T BUY FORD F-150S' In Europe, smaller locally-made U.S. cars have done well: models like the best-selling Ford Puma and the older Fiesta. But over the past two decades, Ford and General Motors GM.N have pivoted towards larger pickups and SUVs, vehicles less suited to Europe's narrow streets and compact-car culture. Ford, a big player in Europe from the early 1900s, has seen sales in the region fall sharply, from 1.26 million vehicles in 2005 to just 426,000 in 2024, according to data from the European Automobile Manufacturers' Association (ACEA). Its market share dropped from 8.3% to 3.3%. 'We don't buy Ford F-150s, that's not what our roads are scaled for, it's not what our customers want,' Andy Palmer, former CEO of Aston Martin, told Reuters. GM exited Europe in 2017, selling Opel after pulling back Chevrolet, but returned with its Cadillac Lyriq last year. It sold a mere 1,514 of the U.S.-made SUV, according to auto data firm Jato. A GM spokesperson said Cadillac was growing its all-electric lineup in Europe, and the vehicles had been well-received in the markets where they were launched. A Ford spokesperson said the firm exported 'passion products' to Europe like the Bronco and Mustang, alongside locally-made models tailored for the market. Clive Sutton, a British car dealer in London who sells luxury American models, said his buyers were drawn to the rarity of vehicles like the giant Cadillac Escalade. But he admitted it was a challenge. 'There are people that want that car because of its exclusivity and its perceived status,' Sutton said. 'But it's not the most easy car to find a parking space for, certainly in central London.' COMPETITIVE MARKET Trump has also put pressure on South Korea to open its market to American cars and said duty-free access was part of the trade deal the two countries agreed last week. There, imported vehicles account for less than one-fifth of the car market and U.S. models for only 16% of the imported car segment, which is dominated by German rivals, according to data from the Korea Automobile Importers & Distributors Association. German manufacturers have also carved out a strong presence in Japan's luxury market. Mercedes-Benz sold more than 53,000 vehicles last year, making it the most popular foreign brand, followed by BMW at more than 35,000. Japanese automakers say Europeans have been successful because they committed the time and resources to the market. Detroit carmakers, meanwhile, are often associated with left-hand drive cars, which are more challenging to drive on the left-hand side of the road. But some U.S. manufacturers are changing. GM has offered the Corvette only in right-hand drive since the eighth generation version went on sale in 2021. That may be one reason why some 80% of buyers are new customers, a GM spokesperson said. The Corvette is the only model Chevy offers in Japan, and it has sold fewer than 1,000 of them a year for the last decade. GM this year announced plans for a line-up of right-hand-drive Cadillac EVs and deliveries of the Lyriq started in July. 'WOW, A FOREIGN CAR' Jeep, which sells right-hand drive models, has been the most popular American brand for more than a decade, the importer data showed. It sold just shy of 10,000 vehicles last year in Japan. Yukimi Nitta used to drive a 'kei' car but she was drawn to the Jeep Wrangler's appearance, which she described as 'friendly' and 'outdoorsy.' The 42-year-old hair salon owner is now on her second Jeep – a limited-edition beige model – and hopes to switch again to another limited-edition color. Parking is tight but manageable, she said, and two of her friends have since bought Wranglers. 'People often say, 'Wow, a foreign car!' But once you drive it, it feels totally normal. I wish more people would try it,' she said. While the Wrangler does burn through fuel quickly, the resale value is good, making it possible to switch out colors, something owners do, Nitta said. A spokesperson for Jeep owner Stellantis said it actively promoted owner events. In July, it announced a collaboration with the 'Jurassic World' movie series featuring a limited-edition pink Wrangler, the spokesperson said. Big American cars and trucks might find it hard to follow in Jeep's tracks. Daniel Cadwell, an American living in Tokyo, exports used Japanese camper vans and wagons to the United States. He said he was struck by the size of American cars whenever he went home. 'They are just excessively big,' said Cadwell, who runs Javan Imports in Portland with his U.S.-based business partner. 'I think it is highly challenging for a car of that sort to be seen as attractive in Japan.'
Yomiuri Shimbun
11 hours ago
- Yomiuri Shimbun
Trump to Put Additional 25% Import Taxes on India, Bringing Combined Tariffs to 50%
WASHINGTON (AP) — President Donald Trump signed an executive order Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%. The tariffs would go into effect 21 days after the signing of the order, meaning that both India and Russia might have time to negotiate with the administration on the import taxes. Trump's moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their manufacturing. China also buys oil from Russia, but it was not included in the order signed by the Republican president. As part of a negotiating period with Beijing, Trump has placed 30% tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened New Delhi. Trump had previewed for reporters Tuesday that the tariffs would be coming. During an event in the Oval Office Wednesday with Apple CEO Tim Cook, Trump affirmed the 50% tariff number, not giving a specific answers as to whether additional tariffs on India would be dropped if there were a deal between Russia and Ukraine. 'We'll determine that later,' Trump said. 'But right now they're paying a 50% tariff.' The White House said Wednesday that Trump could meet in person with Russian President Vladimir Putin as soon as next week as he seeks to broker an end to the war. The Indian government on Wednesday called the additional tariffs 'unfortunate.' 'We reiterate that these actions are unfair, unjustified and unreasonable,' Foreign Ministry spokesman Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its interests. Jaiswal said India has already made its stand clear that the country's imports were based on market factors and were part of an overall objective of ensuring energy security for its 1.4 billion people. Ajay Srivastava, a former Indian trade official, said the latest tariff places the country among the most heavily taxed U.S. trading partners and far above rivals such as China, Vietnam and Bangladesh. 'The tariffs are expected to make Indian goods far costlier with the potential to cut exports by around 40%-50% to the U.S.,' he said. Srivastava said Trump's decision was 'hypocritical' because China bought more Russian oil than India did last year. 'Washington avoids targeting Beijing because of China's leverage over critical minerals which are vital for U.S. defense and technology,' he said. In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the U.S. Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones and textiles and apparel from India, among other goods. As the world's largest country, India represented a way for the U.S. to counter China's influence in Asia. But India has not supported the Ukraine-related sanctions by the U.S. and its allies on Moscow even as India's leaders have maintained that they want peace. The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products. The planned tariffs on India contradict past efforts by the Biden administration and other nations in the Group of Seven leading industrialized nations that encouraged India to buy cheap Russian oil through a price cap imposed in 2022. The nations collectively capped Russian oil a $60 per barrel at a time when prices in the market were meaningfully higher. The intent was to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network. The price cap was rolled out to equal parts skepticism and hopefulness that the policy would stave off Putin's invasion of Ukraine. The cap has required shipping and insurance companies to refuse to handle oil shipments above the cap, though Russia has been able to evade the cap by shipping oil on a 'shadow fleet' of old vessels using insurers and trading companies located in countries that are not enforcing sanctions.
Japan Today
12 hours ago
- Japan Today
Apple to invest additional $100 billion in U.S.
Apple, whose chief executive Tim Cook (C) met with President Donald Trump in the White House, is substantially boosting its investment commitment in the United States Apple will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years, U.S. President Donald Trump said Wednesday. Trump announced the increased commitment at the White House alongside the tech giant's CEO Tim Cook, calling it "the largest investment Apple has made in America." "Apple will massively increase spending on its domestic supply chain," Trump added, highlighting a new production facility for the glass used to make iPhone screens in Kentucky. In February, Apple said it would spend more than $500 billion in the United States and hire 20,000 people, with Trump quickly taking credit for the decision. It builds on plans announced in 2021, when the company founded by Steve Jobs said it would invest $430 billion in the country and add 20,000 jobs over the next five years. "This year alone, American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states," Cook said in the Oval Office. Trump, who has pushed U.S. companies to shift manufacturing home by slapping tariffs on trading partners, claimed that his administration was to thank for the investment. "This is a significant step toward the ultimate goal of... ensuring that iPhones sold in the United States of America also are made in America," Trump said. Cook later clarified that, while many iPhone components will be manufactured in the United States, the complete assembly of iPhones will still be conducted overseas. "If you look at the bulk of it, we're doing a lot of the semiconductors here, we're doing the glass here, we're doing the Face ID module here... and we're doing these for products sold elsewhere in the world," Cook said. Trump has repeatedly said he plans to impose a "100 percent" tariff on imported semiconductors, a major export of Taiwan, South Korea, China and Japan. "We're going to be putting a very large tariff on chips and semiconductors," he told reporters Wednesday at the White House. While he did not offer a timetable for enactment of the new tech levies, on Tuesday he said fresh tariffs on imported pharmaceuticals and semiconductors and chips could be unveiled within the coming week. The U.S. is "going to be very rich and it's companies like Apple, they're coming home," Trump said. Trump specified further that "Apple will help develop and manufacture semiconductors and semiconductor equipment in Texas, Utah, Arizona and New York." He noted that if tech companies commit to manufacturing their wares in the U.S., "there will be no charge." Apple reported a quarterly profit of $23.4 billion in late July, topping forecasts despite facing higher costs due to Trump's sweeping levies. The tariffs are essentially a tax paid by companies importing goods to the United States. This means Apple is on the hook for tariffs on iPhones and other products or components it brings into the country from abroad. © 2025 AFP
