US President Donald Trump on Thursday signed an order to cut tariffs on Japanese automobiles and other goods, a move first announced in July.
The reduced auto tariffs will take effect seven days after the order’s publication, while some of the relief will be applied retroactively from August 7.
Trump’s order also means a reduced US tariff rate on Japanese cars, from the current 27.5% to 15%, is set to take effect by the end of this month, Reuters reported earlier, citing a Japanese government source.
Trump’s order says Japan is “working toward an expedited implementation of a 75% increase of United States rice procurements… and purchases of United States agricultural goods, including corn, soybeans, fertiliser, bioethanol (including for sustainable aviation fuel)” and other US products totalling $8 billion per year.
It also reiterates that the Japanese government has agreed to invest $550 billion in the United States in projects that will be selected by the US government.
