In a move that is set to boost the Japanese auto industry, the new decree reduces tariffs on Japanese automobiles to 12.5%, in addition to the existing basic tax of 2.5%. Details regarding the timing of the new tax implementation will be announced within the next seven days.
U.S. President Donald Trump (left) and Japan’s lead tariff negotiator, Ryosei Akazawa.
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This news had a positive impact on the Tokyo stock market during the morning session on September 5. Toyota’s shares rose by as much as 3.5%, Mazda witnessed the biggest gain with a 5.9% increase, and Honda climbed by 3.3%. The broader Nikkei index also surged by 1.5%.
Additionally, President Trump has made adjustments to the retaliatory tariffs to ensure that the overall tax rate on Japanese goods does not exceed 15%. Specifically, if the combined taxes exceed 15%, the retaliatory tariff will not be applied – similar to the current arrangement with the EU.
The new retaliatory tariff rate will be applied retroactively from August 7, and the U.S. will refund any taxes collected in excess.
The decree goes beyond the automotive sector, also encompassing plans to completely eliminate tariffs on generic drugs and manufacturing components produced in Japan.
This preferential tax treatment was agreed upon by both countries back in July. Japan’s lead negotiator, Ryosei Akazawa, will meet with Trade Minister Howard Lutnick and other U.S. officials to further discuss auto tariffs and the $550 billion investment that Japan pledged to the U.S. in July.
In exchange, the decree also mandates that Japan increase its import of U.S. rice by 75% within the framework of its minimum tax-free quota.
Vu Hao (According to Nikkei Asia)
– 09:43 05/09/2025
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