TOKYO:Japan and the United States are in the final stages of talks to implement lower tariffs on Japanese automobile imports within 10–14 days after a US presidential executive order, a Japanese government source said on Thursday.
That means a reduced US tariff rate on Japanese cars, from the current 27.5% to 15%, could take effect by the end of this month, the source said. The final date will be set in the executive order, which awaits President Donald Trump’s signature.
Japan’s top trade negotiator Ryosei Akazawa flew to Washington on Thursday to press for swift action. The executive order is expected to confirm that the 15% levy agreed in July would replace higher tariffs, while items previously subject to lower rates would be adjusted upward to 15%.
The two governments are also working on provisions covering Japan’s plans to expand US rice imports and purchases of US-made aircraft. A memorandum clarifying rules for Japan’s planned $550 billion US-bound investment package, to be delivered through government-owned banks, is expected alongside the order.
“The talks are now in their final phase,” the source said.— Reuters
Oman Observer is now on the WhatsApp channel. Click here
