Japan’s automaker shares surged after broadcaster NHK reported the US government will set 15% tariffs on car imports from the country, citing an unidentified Japanese official.That compares with the 25% tariffs US President Donald Trump had imposed earlier on the sector. Separately, Trump earlier said he reached a trade deal and will see broader tariffs on the country at 15%, also down from the 25% he had previously threatened.
Toyota Motor Corp. shares surged as much as 10%, the most since April 10, while Nissan Motor Co. gained as much as 9.4%. Automakers were the biggest gainers among 33 industry groups on the benchmark Topix index. The Topix was up 1.7% as of 9:28 a.m. in Tokyo.
Trump said on Truth Social that the pact calls for Japan to “open their country” to US automobile imports, as well as additional agricultural imports, without specifying further. Trump has repeatedly zeroed in on auto trade as he criticises trade imbalances with the country. Around 80% of Japan’s trade surplus with the US is in cars and car parts.Read Also: Donald Trump announces ‘massive deal’ with Japan at 15% reciprocal tariff
Toyota Motor Corp. shares surged as much as 10%, the most since April 10, while Nissan Motor Co. gained as much as 9.4%. Automakers were the biggest gainers among 33 industry groups on the benchmark Topix index. The Topix was up 1.7% as of 9:28 a.m. in Tokyo.
Trump said on Truth Social that the pact calls for Japan to “open their country” to US automobile imports, as well as additional agricultural imports, without specifying further. Trump has repeatedly zeroed in on auto trade as he criticises trade imbalances with the country. Around 80% of Japan’s trade surplus with the US is in cars and car parts.Read Also: Donald Trump announces ‘massive deal’ with Japan at 15% reciprocal tariff
