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Yomiuri Shimbun
09-08-2025
- Automotive
- Yomiuri Shimbun
Tariff Uncertainty Clouds Firms' Earnings Forecasts; Timing Unknown for U.S. Special Measures for Japan
Differences in understanding between Japan and the United States over the application of special provisions for new 'reciprocal' tariffs are expected to be resolved, as Washington agreed to apply the special provisions to Japan by amending a presidential executive order. The news that the United States will also lower tariffs on cars imported from Japan came as a relief to those in industries concerned. However, it will be up to the United States when the executive order will be revised, meaning that the outlook remains uncertain. 'The United States is an important market for wagyu beef. We're relieved to hear that the tariff rate will be returned to the same as before,' said an official of the Japan Livestock Products Export Promotion Council. The existing tariff for beef is 26.4%, but if 15% were added on top of that, it would deal a blow to beef producers and others engaged in exports. The auto industry also welcomed the move. 'We are grateful that tax rate cuts have become more likely,' said a source close to a major carmaker. Economic revitalization minister Ryosei Akazawa said in Washington on Thursday that the U.S. government has agreed to amend the presidential executive order in a timely manner. He also explained that the U.S. would reimburse excess tariffs collected since the new rate took effect on Thursday. However, the specific timing for the revision has yet to be decided, and it remains uncertain when the tariff rate on cars will be lowered from 27.5% at present to 15% in line with the Japan-U.S. agreement. The uncertain timing has added confusion to individual carmakers' earnings projections. While Toyota Motor Corp. and Mazda Motor Corp. are making estimates on the premise that the 15% tariff rate will be applied from August, Honda Motor Co. and Subaru Corp. expect the new rate will be applied from September. The U.S. tariff measures are projected to push down the combined operating profits of the country's seven major carmakers for the business year ending in March 2026 by about ¥2.7 trillion. But if the application of the new tariff rate is delayed, it will deal an even greater blow to the carmakers. 'We wonder why the government has left such an important agreement to be handled like a verbal promise,' said a source close to a leading automaker. Akazawa told reporters on Thursday that he will continue efforts for the steady implementation of the Japan-U.S. agreement.
Yomiuri Shimbun
12-07-2025
- Business
- Yomiuri Shimbun
Japan Eyes Huge Market with China Set to Resume of Japanese Beef Imports; Japan Govt Hopes to Nearly Double Beef Exports by 2030
With China expected to resume importing Japanese beef, it is a huge step forward for the Japanese government, which aims to increase exports of agricultural, forestry and fishery products. A Japan-China agreement on an animal health and quarantine took effect Friday, paving the way toward the resumption of Japanese beef exports to China. However, it is still uncertain when beef shipments to China will actually resume, as the two countries have to hold further discussions regarding product safety and quarantine procedures. China suspended imports of Japanese beef following an outbreak of bovine spongiform encephalopathy in Japan in 2001. In November 2019, the two countries signed an agreement on cooperation in animal health and quarantine, a necessary step before exporting livestock products. However, China did not take further steps to resume imports, so the agreement was not able to take effect. Ahead of resuming exports, Japan's food safety procedures need to be evaluated by China. It will also be necessary to finalize specific conditions for export products, such as the meat processing method and hygiene control. 'The conditions necessary to resume exports will depend on what the Chinese side asks for,' said an agriculture ministry official. 'It's still uncertain when we will be able to resume exports.' Japan's exports of agricultural, forestry and fishery products exceeded ¥1.5 trillion in 2024. The government set a goal to more than triple the figure to ¥5 trillion by 2030. While beef exports stood at ¥64.8 billion in 2024, the government hopes to almost double the figure to ¥113.2 billion by 2030. By country and region, the United States was the largest importer of Japanese beef at ¥13.4 billion in 2024, followed by Taiwan at ¥11.2 billion, Hong Kong at ¥8.4 billion and Cambodia at ¥6.7 billion. Exports of Japanese beef has nearly doubled compared to 2019 as a result of the surging global popularity of washoku Japanese cuisine. It has been pointed out that Japanese beef still reached China through Cambodia following China's suspension of its import. If China officially resumes importing Japanese beef, it will become possible for Japan to export the product directly to China, a massive market with a population of 1.4 billion. The resumption may drastically increase Japanese beef exports. 'As China has such a large population, there will be a high demand for Japanese beef,' said an official of the Japan Livestock Products Export Promotion Council.
