Latest news with #car exports
Yahoo
7 days ago
- Automotive
- Yahoo
Asian markets rise, Toyota up by 14% after US tariff deal
The world's biggest economy, the US, and the fourth-largest, Japan, have agreed on a trade deal causing Asian shares to surge, with carmakers leading the way on the prospects of lower tariffs. The US and Japan agreed to put a 15% import duty on goods imported from Japan, apart from certain products such as steel and aluminium that are subject to much higher tariffs. That's down from the 25% that Trump had said would take effect on 1 August if a deal was not reached. This boosted investors' sentiment, resulting in Tokyo's Nikkei stock index rising by nearly 3.9% in the morning in Europe, the Asia Dow increasing by 2.7%, and Hong Kong's Hang Seng jumping 1.3%, while the Shanghai Composite index gained 0.4%. The real trade booster came from the car sector, media reports suggested that Japanese car exports to the US could be subject to a lower tariff than their global competitors. However, key details of the deal remain unclear; Japanese broadcaster NHK reported that the overall tariff rate on autos would be 15%. This could replace the current 25% tariff combined with the 2.5% duty, which is currently imposed on all imported cars in the US. The news fuelled investors' hopes for the future of the biggest Japanese carmakers, pushing Toyota's shares up by more than 14.3%, Honda's shares soared by 11.1%, and Nissan gained nearly 8.3% by the close of Asian trading. There was a chorus of no comments from the Japanese automakers, despite the latest announcement, including Toyota Motor Corp, Honda Motor Co and Nissan Motor Corp. Japanese companies tend to be cautious about their public reactions, and some business officials have privately remarked in off-record comments that they hesitate to say anything because Trump keeps changing his mind. Related Japan is facing slowing exports and trade deficit amid threat from Trump's tariffs Trump announces trade deal with Japan that lowers threatened tariff to 15% Trump: The US is looking at 'hundreds of thousands of jobs' "This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it," Trump posted on Truth Social, noting that Japan was also investing "at my direction" $550 billion (€468.7bn) into the US. He said Japan would "open" its economy to American autos and rice. Japan's Prime Minister Shigeru Ishiba welcomed the agreement as beneficial to both sides. So far, the US economy appears to be powering through the 'tariff uncertainty' as many of Trump's proposed taxes on imports are currently on hold, and the next major deadline is 1 August. Talks are underway on possible trade deals with other countries that could lower the stringent proposals before they take effect. "President Trump has signed two trade deals this week with the Philippines and Japan which is likely to keep market sentiment propped up despite deals with the likes of the EU and South Korea remaining elusive, for now at least," Tim Waterer, chief market analyst at Kohle Capital Markets, said in a report. What happened in the US markets overnight? On Tuesday, the US stock market inched closer to another record following some mixed profit reports, as General Motors and other big US companies provided updates on how much Trump's tariffs are hurting or helping them. The S&P 500 added 0.1% to the all-time high it had set the day before. The Dow Jones Industrial Average rose 0.4%, but the Nasdaq composite slipped 0.4% from its own record. In the bond market, US Treasury yields sank as traders continue to expect the Federal Reserve to wait until September at the earliest to resume cutting interest rates. The yield on the 10-year Treasury eased to 4.34% from 4.38% late Monday. In other dealings early Wednesday, US benchmark crude oil WTI was down nearly 1.5% at $65.22 a barrel. Brent crude, the international standard, was also slightly down by 0.07% at $68.54 a barrel in the morning in Europe. In currency trading, the US dollar inched up to 146.92 Japanese yen from 146.64 yen. The euro cost $1.1737, down from $1.1754. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Automotive
- Yahoo
Asian markets rise, Toyota up by 14% after US tariff deal
The world's biggest economy, the US, and the fourth-largest, Japan, have agreed on a trade deal causing Asian shares to surge, with carmakers leading the way on the prospects of lower tariffs. The US and Japan agreed to put a 15% import duty on goods imported from Japan, apart from certain products such as steel and aluminium that are subject to much higher tariffs. That's down from the 25% that Trump had said would take effect on 1 August if a deal was not reached. This boosted investors' sentiment, resulting in Tokyo's Nikkei stock index rising by nearly 3.9% in the morning in Europe, the Asia Dow increasing by 2.7%, and Hong Kong's Hang Seng jumping 1.3%, while the Shanghai Composite index gained 0.4%. The real trade booster came from the car sector, media reports suggested that Japanese car exports to the US could be subject to a lower tariff than their global competitors. However, key details of the deal remain unclear; Japanese broadcaster NHK reported that the overall tariff rate on autos would be 15%. This could replace the current 25% tariff combined with the 2.5% duty, which is currently imposed on all imported cars in the US. The news fuelled investors' hopes for the future of the biggest Japanese carmakers, pushing Toyota's shares up by more than 14.3%, Honda's shares soared by 11.1%, and Nissan gained nearly 8.3% by the close of Asian trading. There was a chorus of no comments from the Japanese automakers, despite the latest announcement, including Toyota Motor Corp, Honda Motor Co and Nissan Motor Corp. Japanese companies tend to be cautious about their public reactions, and some business officials have privately remarked in off-record comments that they hesitate to say anything because Trump keeps changing his mind. Related Japan is facing slowing exports and trade deficit amid threat from Trump's tariffs Trump announces trade deal with Japan that lowers threatened tariff to 15% Trump: The US is looking at 'hundreds of thousands of jobs' "This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it," Trump posted on Truth Social, noting that Japan was also investing "at my direction" $550 billion (€468.7bn) into the US. He said Japan would "open" its economy to American autos and rice. Japan's Prime Minister Shigeru Ishiba welcomed the agreement as beneficial to both sides. So far, the US economy appears to be powering through the 'tariff uncertainty' as many of Trump's proposed taxes on imports are currently on hold, and the next major deadline is 1 August. Talks are underway on possible trade deals with other countries that could lower the stringent proposals before they take effect. "President Trump has signed two trade deals this week with the Philippines and Japan which is likely to keep market sentiment propped up despite deals with the likes of the EU and South Korea remaining elusive, for now at least," Tim Waterer, chief market analyst at Kohle Capital Markets, said in a report. What happened in the US markets overnight? On Tuesday, the US stock market inched closer to another record following some mixed profit reports, as General Motors and other big US companies provided updates on how much Trump's tariffs are hurting or helping them. The S&P 500 added 0.1% to the all-time high it had set the day before. The Dow Jones Industrial Average rose 0.4%, but the Nasdaq composite slipped 0.4% from its own record. In the bond market, US Treasury yields sank as traders continue to expect the Federal Reserve to wait until September at the earliest to resume cutting interest rates. The yield on the 10-year Treasury eased to 4.34% from 4.38% late Monday. In other dealings early Wednesday, US benchmark crude oil WTI was down nearly 1.5% at $65.22 a barrel. Brent crude, the international standard, was also slightly down by 0.07% at $68.54 a barrel in the morning in Europe. In currency trading, the US dollar inched up to 146.92 Japanese yen from 146.64 yen. The euro cost $1.1737, down from $1.1754. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Zawya
16-07-2025
- Automotive
- Zawya
South Africa car exports to US plunge as Trump tariffs bite
South African car exports to the United States dropped sharply in the first quarter of 2025, and tumbled more than 80% in April and May after import tariffs imposed by US President Donald Trump hit automakers' sales, industry association Naamsa said. Vehicles awaiting export are scanned at the dock of the car terminal at the port of Durban, South Africa, on 10 April 2025. Reuters /Rogan Ward The United States is South Africa's second-largest trading partner and key destination for vehicles manufactured in the country, which have long benefited from duty-free access under the US African Growth and Opportunity Act (Agoa). Auto exports to the US sank 73% in the first quarter compared to the same period last year, followed by declines of 80% in April and 85% in May, Naamsa said. The industry body said the sharp decline would be difficult to recover from in the short term. "This is not just a trade issue - it's a socio-economic crisis in the making," Naamsa CEO Mikel Mabasa said. Trump has this month escalated the global trade offensive he launched in April, announcing tariffs on more than a dozen countries, including South Africa, which faces a 30% rate from 1 August. This is separate from the 25% duty imposed on cars in April, which has since May also applied to automotive parts. Before the July tariff announcement from Trump, South Africa had proposed a trade package including a duty-free quota of 40,000 vehicles per year to be exported from South Africa and duty-free access for automotive components sourced locally for US production. In 2024, South Africa's automotive sector accounted for 64% of all Agoa trade with the US, generating R28.6bn ($1.60bn) in export revenue, Naamsa said. Mabasa said the tariffs threaten thousands of jobs and risk economic devastation in communities reliant on the sector, such as East London, a coastal city where the auto industry is central to the economy. "If we cannot retain export markets like the US, we risk turning vibrant industrial hubs into ghost towns," Mabasa said, warning of ripple effects across the automotive supply chain, from component manufacturers to logistics providers. Export diversification is critical but cannot happen overnight, Mabasa added, noting that global competitors are already redirecting their exports into markets traditionally served by South Africa. This mounting pressure will force South Africa-based automakers exporting to the US, including Mercedes-Benz, to absorb rising costs, scale back production, and reconsider future investments, Mabasa said.
The Guardian
15-07-2025
- Automotive
- The Guardian
Thousands of vehicles sit idle at EU port as Trump's tariffs leave their mark
The Port of Antwerp-Bruges has been turned into a giant car park with thousands of cars, vans, trucks and tractors bound for the US sitting idle as manufacturers try to avert the worst of Donald Trump's tariffs. Figures released by the port show a 15.9% drop in the transport of new passenger cars and vans to the US in the first six months of 2025 compared with the same period last year, with a sharp decline emerging in May – one month after the US president announced his 'liberation day' tariffs. Exports of trucks and what they call 'high and heavy equipment' is down by almost a third at 31.5%. This category includes tractors and construction vehicles, with the fall off in transatlantic movements perhaps reflecting the impact a 25% tariff would have on vehicles that can cost more than $100,000 (£74,430). The port is one of the world's largest car transport hubs, shipping more than 3m vehicles around the world in 2024. 'The outlook for the second half of the year remains uncertain. Much will depend on whether a trade agreement between the EU and the US can be reached by 1 August,' the port said in a statement. European carmakers from Volkswagen to Volvo had been hoping that a deal would have been sealed last week after Trump's original deadline for a tariff deal with the EU was due to expire. Before Trump arrived in the White House they paid a 2.5% tariff on exports but since April they are being charged an extra 25%, adding tens of thousands of dollars to the price of a family-sized car in the US. Ports across Europe have been tested by Brexit, the coronavirus pandemic, the port congestion caused by container shortages in 2024, with congestion a widespread issue across all northern ports, said Justin Atkin, the UK and Ireland port representative of the Port of Antwerp-Bruges. Compared with Brexit, the tariff impact has been 'more of an instant shock' he said. 'With the pandemic, we had lockdown, then we were out of lockdown, then back into lockdown, and people got used to managing it after being unprepared. Whereas here … people have talked about tariffs in the build up [to Trump] but I don't think anyone expected the level and the severity of the instantaneous action.' The port couldn't put a figure on the number of cars waiting to be transported but said it was in the thousands. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Atkin said there was also evidence of Chinese cars being stockpiled at the port, which may reflect a diversion of trade from the US with Beijing grappling with tariff barriers. Separately, disruptions in docking schedules caused by diversions due to the conflict in the Red Sea, and the increased size of ships in global fleets has meant containers are remaining at the port for up to eight days instead of the usual five. The US is the Port of Antwerp-Bruges's second-biggest trading partner after the UK and there is evidence that US exporters are also front-loading cargo to try to avoid any retaliatory tariffs that the EU may impose in the event of a trade war. In the first half of the year, inbound cargo from the US increased by 17% with higher volumes of liquefied natural gas.
The Guardian
15-07-2025
- Automotive
- The Guardian
Thousands of vehicles sit idle at EU port as Trump's tariffs leave their mark
The Port of Antwerp-Bruges has been turned into a giant car park with thousands of cars, vans, trucks and tractors bound for the US sitting idle as manufacturers try to avert the worst of Donald Trump's tariffs. Figures released by the port show a 15.9% drop in the transport of new passenger cars and vans to the US in the first six months of 2025 compared with the same period last year, with a sharp decline emerging in May – one month after the US president announced his 'liberation day' tariffs. Exports of trucks and what they call 'high and heavy equipment' is down by almost a third at 31.5%. This category includes tractors and construction vehicles, with the fall off in transatlantic movements perhaps reflecting the impact a 25% tariff would have on vehicles that can cost more than $100,000 (£74,430). The port is one of the world's largest car transport hubs, shipping more than 3m vehicles around the world in 2024. 'The outlook for the second half of the year remains uncertain. Much will depend on whether a trade agreement between the EU and the US can be reached by 1 August,' the port said in a statement. European carmakers from Volkswagen to Volvo had been hoping that a deal would have been sealed last week after Trump's original deadline for a tariff deal with the EU was due to expire. Before Trump arrived in the White House they paid a 2.5% tariff on exports but since April they are being charged an extra 25%, adding tens of thousands of dollars to the price of a family-sized car in the US. Ports across Europe have been tested by Brexit, the coronavirus pandemic, the port congestion caused by container shortages in 2024, with congestion a widespread issue across all northern ports, said Justin Atkin, the UK and Ireland port representative of the Port of Antwerp-Bruges. Compared with Brexit, the tariff impact has been 'more of an instant shock' he said. 'With the pandemic, we had lockdown, then we were out of lockdown, then back into lockdown, and people got used to managing it after being unprepared. Whereas here … people have talked about tariffs in the build up [to Trump] but I don't think anyone expected the level and the severity of the instantaneous action.' The port couldn't put a figure on the number of cars waiting to be transported but said it was in the thousands. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Atkin said there was also evidence of Chinese cars being stockpiled at the port, which may reflect a diversion of trade from the US with Beijing grappling with tariff barriers. The tariff crisis combined with the conflict in the Red Sea and the increased size of ships in global fleets extending the docking time at the port to up to eight days instead of the usual five, has meant parking space for cars and containers is under pressure. The US is the Port of Antwerp-Bruges's second biggest trading partner after the UK and there is evidence that US exporters are also front-loading cargo to try to avoid any retaliatory tariffs the EU may impose in the event of a trade war. In the first half of the year, inbound cargo from the US increased by 17% with higher volumes of liquefied natural gas.
