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Globe and Mail
an hour ago
- Globe and Mail
U.S. automakers say Trump's tariff deal with Japan puts them at a disadvantage
U.S. automakers are concerned about President Donald Trump's agreement to tariff Japanese vehicles at 15 per cent, saying they will face steeper import taxes on steel, aluminum and parts than their competitors. 'We need to review all the details of the agreement, but this is a deal that will charge lower tariffs on Japanese autos with no U.S. content,' said Matt Blunt, president of the American Automotive Policy Council, which represents the Big 3 American automakers, General Motors Co. GM-N, Ford Motor Co. F-N and Jeep-maker Stellantis NV STLA-N. Blunt said in an interview the U.S. companies and workers 'definitely are at a disadvantage' because they face a 50-per-cent tariff on steel and aluminum and a 25-per-cent tariff on parts and finished vehicles, with some exceptions for products covered under the United States-Mexico-Canada Agreement that went into effect in 2020. The domestic automaker reaction reveals the challenge of enforcing policies across the world economy, showing that for all of Trump's promises there can be genuine tradeoffs from policy choices that risk serious blowback in politically important states such as Michigan and Wisconsin, where automaking is both a source of income and of identity. Trump portrayed the trade framework as a major win after announcing it on Tuesday, saying it would add hundreds of thousands of jobs to the U.S. economy and open the Japanese economy in ways that could close a persistent trade imbalance. The agreement includes a 15-per-cent tariff that replaces the 25-per-cent import tax the Republican president had threatened to charge starting on Aug. 1. Japan would also put together US$550-billion to invest in U.S. projects at the 'direction' of the president, the White House said. EU heading toward 15% tariff deal with Washington, diplomats say The framework with Japan will remove regulations that prevent American vehicles from being sold in that country, the White House has said, adding that it would be possible for vehicles built in Detroit to be shipped directly to Japan and ready to be sold. But Blunt said that foreign auto producers, including the U.S., Europe and South Korea, have just a 6-per-cent share in Japan, raising skepticism that simply having the open market that the Trump administration says will exist in that country will be sufficient. 'Tough nut to crack, and I'd be very surprised if we see any meaningful market penetration in Japan,' Blunt said. Asked at Wednesday's briefing about whether Trump's sectoral tariffs such as those on autos were now subject to possible change, White House press secretary Karoline Leavitt said that the issue had been going through the Commerce Department. The framework with Japan was also an indication that some nations simply saw it as preferential to have a set tariff rate rather than be whipsawed by Trump's changes on import taxes since April. But for the moment, both Japan and the United Kingdom with its quotas on auto exports might enjoy a competitive edge in the U.S. 'With this agreement in place it provides Japan with a near-term operating cost advantage compared to other foreign automakers, and even some domestic U.S. product that uses a high degree of both foreign production and parts content,' said Karl Brauer, executive analyst at iSeeCars. 'It will be interesting to see if this is the first domino to fall in a series of foreign countries that decide long-term stability is more important that short term disputes over specific tariff rates.' Autos Drive America, an organization that represents major Japanese companies Toyota, Honda and Nissan and other international automakers, said in a statement that it is 'encouraged' by the announced trade framework and noted its members have exceeded domestic automaker production for the past two years. Indonesia agrees to cut tariffs, scrap non-tariff barriers in U.S. trade deal The statement urged 'the Trump administration to swiftly reach similar agreements with other allies and partners, especially the European Union, South Korea, Canada and Mexico.' The Japanese framework could give automakers and other countries grounds for pushing for changes in the Trump administration's tariffs regime. The president has previously said that he values flexibility in negotiating import taxes. The USMCA is up for review next year. Ford, GM and Stellantis do 'have every right to be upset,' said Sam Fiorani, vice president at consultancy AutoForecast Solutions. But 'Honda, Toyota, and Nissan still import vehicles from Mexico and Canada, where the current levels of tariffs can be higher than those applied to Japanese imports. Most of the high-volume models from Japanese brands are already produced in North America.' Fiorani noted that among the few exceptions are the Toyota 4Runner, the Mazda CX-5 and the Subaru Forester, but most of the other imports fill niches that are too small to warrant production in the U.S. 'There will be negotiations between the U.S. and Canada and Mexico, and it will probably result in tariffs no higher than 15 per cent,' Fiorani added, 'but nobody seems to be in a hurry to negotiate around the last Trump administration's free trade agreement.'
CTV News
an hour ago
- CTV News
U.S. House Oversight Committee subpoenas Ghislaine Maxwell for deposition
House Oversight Chair James Comer has subpoenaed Jeffrey Epstein's former associate Ghislaine Maxwell for a deposition. Maxwell is seen here in October 2016 in New York City. (Sylvain Gaboury//File via CNN Newsource) House Oversight Chair James Comer has subpoenaed Jeffrey Epstein's former associate Ghislaine Maxwell for a deposition. The committee said in a release that the deposition will take place at the Federal Correctional Institution in Tallahassee, Florida, on Aug. 11. 'The Department of Justice is cooperating and will help facilitate the deposition at the prison,' a statement from the committee said. Comer told CNN's Manu Raju on Tuesday that it was an open question whether his panel would begin a full-blown probe into the Epstein scandal, saying: 'We'll see what she has to say.' But he said that Republicans wanted more information released by the Justice Department regardless of where his panel's inquiry goes. The move to issue the subpoena comes as many congressional Republicans have called for more transparency over the Epstein case. This story is breaking and will be updated with additional information.
CBC
an hour ago
- CBC
Florida judge denies Trump administration's bid to unseal Epstein grand jury documents
A judge on Wednesday rejected a Trump administration request to unseal transcripts from grand jury investigations of Jeffrey Epstein years ago in Florida, though a similar records request is pending in New York. U.S. District Judge Robin Rosenberg in West Palm Beach said the request to release grand jury documents from 2005 and 2007 did not meet any of the extraordinary exceptions under federal law that could make them public. The Justice Department last week asked the judge to release records to quell a storm among supporters of U.S. President Donald Trump who believe there was a conspiracy to protect Epstein's clients, conceal videos of crimes being committed and other evidence. In 2008, Epstein cut a deal with federal prosecutors in Florida, pleading guilty to state charges of procuring a person under 18 for prostitution and solicitation of prostitution. That allowed him to avoid federal prosecution and a possible life sentence. Instead he served 13 months in a work-release program. He was required to make payments to victims and register as a sex offender. The wealthy financier later was arrested in 2019 on federal sex trafficking charges. His former girlfriend, Ghislaine Maxwell, was charged with helping him abuse teenage girls. Epstein was found dead in his cell at a federal jail in New York City about a month after he was arrested. Investigators concluded he killed himself. Maxwell later was convicted at trial and sentenced to 20 years in prison. The case attracted attention because of Epstein and Maxwell's links to famous people, including royals, presidents and billionaires. It also led to some of the biggest conspiracy theories animating Trump's base. Are Trump's social posts an Epstein distraction tactic? 2 days ago U.S. President Donald Trump has made a series of controversial social media posts, with some political scientists saying it's likely a tactic to divert attention away from the so-called Epstein files.
