logo
Japan presses Lutnick to implement agreed cut to U.S. auto tariffs

Japan presses Lutnick to implement agreed cut to U.S. auto tariffs

Japan Todaya day ago
Japan's chief tariff negotiator Ryosei Akazawa on Wednesday held talks with U.S. Commerce Secretary Howard Lutnick, urging him to implement as early as possible an agreed cut to tariffs on Japanese car and auto part imports, according to the Japanese government.
During a meeting in Washington that lasted about 90 minutes, Akazawa and Lutnick confirmed the importance of a recent bilateral trade deal and efforts to steadily carry out initiatives that will be in the "interests of both countries," the government said.
It said Akazawa also asked Lutnick to make sure the United States puts the terms of the deal into practice as agreed by both sides.
Akazawa's visit for his ninth round of talks with U.S. cabinet members comes two weeks after he and U.S. President Donald Trump struck the deal, under which his administration committed to lowering the so-called reciprocal tariff rate on Japanese goods, due to take effect on Thursday, to 15 percent from the threatened 25 percent.
At that time, Trump also agreed to cut auto tariffs to 15 percent for Japan in exchange for a promise to invest massively in the United States.
However, unlike the country-specific tariff rate, it remains unclear when the Trump administration plans to implement the lowered auto tariffs.
Akazawa, Japan's minister for economic revitalization, is scheduled to stay in the U.S. capital through Friday and may also hold talks with Treasury Secretary Scott Bessent.
© KYODO
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Young Japanese brewers promote sake in Beijing ahead of 3-day event
Young Japanese brewers promote sake in Beijing ahead of 3-day event

Japan Today

time28 minutes ago

  • Japan Today

Young Japanese brewers promote sake in Beijing ahead of 3-day event

Young Japanese sake brewers promoted their products Thursday at the Japanese Embassy in Beijing ahead of a three-day event in the capital from the following day to pitch the drink in China, Japan's largest overseas market by value. At the "Sake Jump" event in Beijing, the second of its kind to be held outside of Japan following one held in Hong Kong in June, 23 brewers from 14 prefectures will showcase their sake. Shintaro Tsuruno, 36, representative of a brewery in Noto, Ishikawa Prefecture, said he decided to join the event as part of efforts to revive his brewery, which was devastated by a major earthquake that struck the Noto Peninsula in central Japan on New Year's Day in 2024. As his company jointly brewed sake with other makers following the quake, Tsuruno said he felt the need to turn to overseas markets. "I want to learn what kind of flavor Chinese consumers like and reflect their opinions back in Japan," he said. Li Peng, one of the Chinese organizers of the event, said he hopes more Chinese people will learn about sake so that it will be provided not only at Japanese restaurants but also in daily meals and parties, especially among urban youth. Japanese Ambassador to China Kenji Kanasugi pointed out that the number of Chinese tourists to Japan has been steadily increasing and the market for sake in China is expected to expand with those who tasted it in the neighboring country seeking it again after returning home. "I strongly hope people in the sake industry in Japan and China cooperate with each other and create new chances," the envoy said. In 2024, Japanese sake exports totaled some 43.5 billion yen ($300 million), with about 11.7 billion yen shipped to mainland China, according to official data. © KYODO

Toyota reports a 37% drop in profit, cuts its forecast due to Trump tariffs
Toyota reports a 37% drop in profit, cuts its forecast due to Trump tariffs

Japan Today

time28 minutes ago

  • Japan Today

Toyota reports a 37% drop in profit, cuts its forecast due to Trump tariffs

By YURI KAGEYAMA Toyota Motor Corp's profit plunged 37% in the April-June quarter, the company said Thursday, cutting its full year earnings forecasts largely because of President Donald Trump's tariffs. The Japanese automaker said it based its report on the assumption that Trump's tariffs on exports from Japan, including autos, would be 12.5% starting this month. As of now they stand at 15%. The world's top automaker also makes vehicles in Mexico and Canada. Toyota's profit in the last quarter totaled 841 billion yen, or $5.7 billion, down from 1.33 trillion yen in the same period the year before. Its quarterly sales rose 3%. The status of those exports is unclear since Mexico and Canada are beneficiaries of the U.S. Mexico Canada Agreement, renegotiated from a 1990s pact during Trump's first term in office, that eliminated most tariffs and trade barriers between the three countries. Toyota's April-June profit totaled 841 billion yen ($5.7 billion), down from 1.33 trillion yen in the same period of 2024. Quarterly sales rose 3% to 12 trillion yen ($82 billion). Toyota said the tariffs cost its quarterly operating profit 450 billion yen ($3 billion). Cost reduction efforts and the negative impact of an unfavorable exchange rate also hurt its bottom line. The company, which makes the Camry sedan and Lexus luxury models, forecast a 2.66 trillion yen ($18 billion) profit for the full fiscal year ending in March 2026, down from an earlier forecast for a 3.1 trillion yen ($21 billion) profit. Toyota earned nearly 4.8 trillion yen in the previous fiscal year. 'Despite a challenging external environment, we have continued to make comprehensive investments, as well as improvements such as increased unit sales, cost reductions and expanded value chain profits,' Toyota said in a statement that outlined its efforts to minimize the impact of the tariffs. At the retail level, Toyota sold 2.4 million vehicles globally, with sales growing in Japan, North America and Europe from the previous year, when global retail totaled 2.2 million vehicles. Analysts say Toyota is likely among the worst hit by the tariffs among global companies, even compared with other Japanese automakers. Also Thursday, Toyota announced it was building a new car assembly plant in Japan that it expects to have up and running in the early 2030s. It is acquiring a site in Toyota city, Aichi Prefecture, central Japan, where the automaker is headquartered. The models to be produced there are still undecided, but the plant will be part of the company's plan to maintain a production capacity of 3 million vehicles in Japan, according to Toyota. Billed as 'a plant of the future,' it will also feature new technology tailored for what Toyota said will be a diverse work force. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Toyota reports 37% drop in profit, cuts its forecast due to tariffs
Toyota reports 37% drop in profit, cuts its forecast due to tariffs

Japan Today

time28 minutes ago

  • Japan Today

Toyota reports 37% drop in profit, cuts its forecast due to tariffs

By YURI KAGEYAMA Toyota Motor Corp's profit plunged 37% in the April-June quarter, the company said Thursday, cutting its full year earnings forecasts largely because of President Donald Trump's tariffs. The Japanese automaker said it based its report on the assumption that Trump's tariffs on exports from Japan, including autos, would be 12.5% starting this month. As of now they stand at 15%. The world's top automaker also makes vehicles in Mexico and Canada. Toyota's profit in the last quarter totaled 841 billion yen, or $5.7 billion, down from 1.33 trillion yen in the same period the year before. Its quarterly sales rose 3%. The status of those exports is unclear since Mexico and Canada are beneficiaries of the U.S. Mexico Canada Agreement, renegotiated from a 1990s pact during Trump's first term in office, that eliminated most tariffs and trade barriers between the three countries. Toyota's April-June profit totaled 841 billion yen ($5.7 billion), down from 1.33 trillion yen in the same period of 2024. Quarterly sales rose 3% to 12 trillion yen ($82 billion). Toyota said the tariffs cost its quarterly operating profit 450 billion yen ($3 billion). Cost reduction efforts and the negative impact of an unfavorable exchange rate also hurt its bottom line. The company, which makes the Camry sedan and Lexus luxury models, forecast a 2.66 trillion yen ($18 billion) profit for the full fiscal year ending in March 2026, down from an earlier forecast for a 3.1 trillion yen ($21 billion) profit. Toyota earned nearly 4.8 trillion yen in the previous fiscal year. 'Despite a challenging external environment, we have continued to make comprehensive investments, as well as improvements such as increased unit sales, cost reductions and expanded value chain profits,' Toyota said in a statement that outlined its efforts to minimize the impact of the tariffs. At the retail level, Toyota sold 2.4 million vehicles globally, with sales growing in Japan, North America and Europe from the previous year, when global retail totaled 2.2 million vehicles. Analysts say Toyota is likely among the worst hit by the tariffs among global companies, even compared with other Japanese automakers. Also Thursday, Toyota announced it was building a new car assembly plant in Japan that it expects to have up and running in the early 2030s. It is acquiring a site in Toyota city, Aichi Prefecture, central Japan, where the automaker is headquartered. The models to be produced there are still undecided, but the plant will be part of the company's plan to maintain a production capacity of 3 million vehicles in Japan, according to Toyota. Billed as 'a plant of the future,' it will also feature new technology tailored for what Toyota said will be a diverse work force. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store