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JP Reportedly Abandons Demand for US to Eliminate Comprehensive Auto Tariffs, Proposes Tariff Cut Mechanism Based on Contribution
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Japan has abandoned its demand for the US to eliminate the 25% auto tariff, and instead proposed a mechanism to reduce tariffs based on each country's contribution to the US auto industry, according to Asahi Shimbun. Japan's chief tariff negotiator, Ryosei Akazawa, is in Washington for the fifth round of talks with US officials, including US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. Under Japan's latest proposal, the US would cut auto tariffs based on factors such as the number of vehicles produced by Japanese automakers in the US and the number of vehicles exported from the US to other markets. AASTOCKS Financial News Website: www.aastocks.com |
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