"The reduction to 15% from the previous 25% was agreed between the two sides on July 22. "Tariff negotiations between Japan and the United States was the top priority for the government and we have put all our effort into achieving an agreement in a best possible way as soon as possible," Ishiba said Friday. "The way it was achieved ... is just excellent.""
"In Washington, Japan's top tariff negotiator Ryosei Akazawa and his U.S. Commerce Secretary Howard Lutnick also signed a joint statement, confirming a $550 billion Japanese investment in U.S. projects. Akazawa said Trump's order brings down tariffs on automobiles and auto parts to 15% and that there will be no stacking on the existing rate, and so-called reciprocal tariffs on most other goods are also set at the same rate without stacking."
Japan and the United States agreed to reduce tariffs on automobiles and other Japanese imports to 15% from 25%, based on a July 22 agreement implemented by presidential order. Prime Minister Shigeru Ishiba welcomed the cut as addressing uncertainty for key industries and praised the negotiators' efforts. Japan's top tariff negotiator Ryosei Akazawa said the order prevents stacking on existing rates and sets reciprocal tariffs at 15% for most goods, while excluding aircraft and aircraft parts. Washington acknowledged a prior mistake that had added 15% on existing rates and agreed to refund any excess duties paid.
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