US cuts tariffs to 15% on Japanese automakers
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WASHINGTON: US President Donald Trump’s administration will start implementing a lowered tariff of 15 per cent on Japanese automobiles this week, in line with a bilateral trade deal.
In a notice posted on the Federal Register, the International Trade Administration under the Commerce Department said that the reduced tariff rate will go into effect from Tuesday -- an enactment after Trump’s signing of an executive order earlier this month to officially implement the deal with Japan, reports Yonhap news agency.
Under the deal, the United States has agreed to lower tariffs on Japanese automobiles and parts to 15 per cent from the current 27.5 per cent -- the rate that comprises the existing 2.5 percent tariff and the global sector-specific duty of 25 percent. The U.S. has also agreed to lower the tariff on South Korean autos to 15 per cent as part of a bilateral trade deal.
