Japanese automakers urge government officials to do more to support the industry after Tokyo signed a trade deal with the U.S. that kept auto tariffs unchanged, mariyamaguchi writes.
CORRECTS COMPANY NAME TO TOYOTA MOTOR CORP. - Akio Toyoda, center, president and CEO of Toyota Motor Corp., with a group of the Japanese automakers chiefs speaks to Japanese Trade Minister Isshu Sugawara, not in picture, during a meeting Thursday, Sept. 26, 2019, in Tokyo. The U.S. and Japan on Wednesday signed a limited trade deal that will eliminate tariffs and expand market access on farm, industrial and digital products.
The Japanese auto industry has been a main target of criticism from Trump. Automakers were hoping to see tariffs eliminated, but Japan only managed to keep them at 2.5% and win a U.S. promise of no more for now. Hours after the signing in New York, Trade Minister Isshu Sugawara and top ministry officials invited top automakers to a meeting in Tokyo, to gain their understanding about the trade agreement.“The auto industry already faces extremely difficult challenges amid the rising Japanese yen, the possible impact from the upcoming sales tax increase and other uncertainties,” said a grim-faced Toyoda.
He wants to reduce a chronic U.S. trade deficit that totaled $67.6 billion in 2018, according to U.S. figures.
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