Japan’s exports recorded their sharpest decline in more than four years in July, dropping 2.6% year-on-year as US tariffs under President Donald Trump took effect. Exports to the US fell 10.1%, with automobile shipments plunging 28.4% and auto parts down 17.4%, finance ministry data showed.
US Tariffs Threaten 8% of Jobs in Japan’s Auto Industry
The tariffs, initially set at 10% across the board and 27.5% on cars, have hit Japan’s auto industry, which supports about 8% of national jobs. A recent trade deal reduced threatened reciprocal tariffs from 25% to 15%, but the lower car rate has not yet been implemented, leaving Tokyo wary despite modest GDP growth.
Follow us on:
Read More News at #latestmalaysia #BusinessNews and #WorldFuture
