U.S. President Donald Trump signed an executive order last week implementing lower tariffs on Japanese auto imports and other products, reports Reuters.
The deal, coming after months of negotiations, will bring the current 27.5% tariff on Japanese autos down to 15%, set to take place seven days after official publication of the order.
The 15% levy on Japanese imports initially implemented in July will not be stacked on top of those already subject to higher tariffs, and those below 15% will be adjusted to 15%. This change will be retroactive to August 7.
South Korea is hoping for a similar deal to be reached soon, including the 25% tariff on U.S. imports being decreased to 15%.
AloJapan.com