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Date: 11-may-2025 | By: Nuztrend Team
Japanese Prime Minister Shigeru Ishiba has reiterated his call for the United States to remove tariffs on Japanese automobile exports. Speaking on a Fuji Television program, Ishiba emphasized that eliminating these tariffs would benefit both economies and consumers.
Ishiba referenced the recent U.S.-UK trade agreement, which maintains a 10% tariff on car exports despite lowering some duties, as a model but emphasized Japan’s goal of achieving 0% tariffs.
Currently, Japan faces a 25% tariff on automobile exports to the U.S. and a 24% reciprocal tariff on other goods. These tariffs have significant implications for Japan's export-driven economy, particularly its automotive sector. Ishiba has expressed willingness to engage in direct negotiations with U.S. President Donald Trump to address these issues.
In light of the ongoing trade tensions and domestic economic concerns, Ishiba has ruled out a reduction in the consumption tax, citing potential impacts on national finances. He has proposed exploring alternative methods to support those in genuine need.
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Date: 10-May-2025
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Date: 11-May-2025
This week's global market snapshot highlights movements in U.S., European, and Asian indexes along with oil and gold price trends amid trade talks and inflation data.
