US president signs order to cut levies on Japanese cars to 15%

US President Donald Trump signed an government order on Thursday that cuts tariffs on Japanese automotive imports from 27.5% to fifteen%, easing uncertainty for motor trade giants like Toyota, Honda and Nissan.It formalises an settlement, which was introduced in July, to use a 15% levy to virtually all Japanese exports to the US – together with automobiles and prescription drugs.Tokyo has additionally agreed to take a position $550bn (£410bn) in US tasks, and regularly open its financial system to American items, together with automobiles and rice, the White Home mentioned.The deal got here after months of negotiations between the US and Japan within the wake of Trump asserting sweeping tariffs on most nations world wide in April.The Japanese financial system is reliant on exports, with automobiles accounting for round 20% of the nation’s whole exports.Trump’s tariffs, which got here into impact in August, have despatched shockwaves round world as governments and companies adapt to the altering international market.Final month, Toyota warned that the influence of US tariffs would value it round $10bn this yr.