Trump Signs Order to Enact Lower Tariffs on Japanese Auto Imports

US President Donald Trump signed an order on Thursday to implement the lower tariffs on Japanese automobile imports and other products that were announced in July, Reuters reported. The move formalizes an agreement between the US and Tokyo following months of negotiations, reduces uncertainty for Japan’s massive auto sector, and confirms a commitment of USD 550 billion in Japanese investment in US projects. The lower tariffs on Japanese autos are set to take effect seven days after the order is published, with some of the relief retroactive to August 7. According to Reuters, citing a Japanese government source, the US tariff rate on Japanese cars will be reduced from the current 27.5% to 15% by the end of the month.