Japan's Akazawa to Visit US to Press on Car Levy Cut Timing
Ryosei Akazawa's trip to Washington will be his first following the announcement of the trade agreement. The deal, reached after his eighth visit to the US capital since April, resulted in a pledge by the US to assess a 15% tariff on most imports of Japanese goods.
The deal allowed Japan to avoid a worst-case scenario of a 25% levy as threatened previously by President Donald Trump, but the universal levies will rise from the 10% rate imposed in recent months. The new rate is set to kick in on Aug. 7. Car tariffs are set to decline, but it remains unclear when that reduction will start.
'What we are asking for is very simple,' Akazawa told reporters before his departure. 'We'll continue to strongly urge the US to take steps to implement the agreement swiftly and steadily, including the reduction of tariffs on cars and car parts.'
With automobile tariffs currently at 27.5%, including a newly applied 25% this year and a previous 2.5% rate, the impact on Japan's economy is expected to be large. The sector accounts for the biggest component of exports to the US and serves as a pillar of employment and a trend setter for wage growth.
With assistance from Akemi Terukina.
This article was generated from an automated news agency feed without modifications to text.
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