Trump signss order to lower Japanese auto tariffs

On Thursday, U.S. president Donald Trump signed an executive order to lower tariffs announced in July on Japanese auto imports and other products.

Seven days after the publication of the order, lower auto tariffs will come into effect. The tariff relief extends back to August 7, in part.

Trump's order will also result in a reduction of the U.S. Tariff rate on Japanese vehicles, from 27.5% down to 15%. This is expected to be implemented by the end this month.

In Trump's order, Japan "is working toward an expedited implementation" of a 75% rise in United States rice purchases... and purchases for United States agricultural products, including corn and soybeans, as well as fertilizer, bioethanol, and sustainable aviation fuel, and other U.S. goods totaling $8 billion each year.

The Japanese government also confirmed that it has agreed to invest in the United States $550 billion for projects selected by the U.S. Government. Reporting by Tamiyuki Khara; Additional reporting by Andrea Shalal, David Shepardson and Makiko Yamazaki; Writing by Makiko Yamazaki Editing by Gareth Jones, Marguerita Choy

(source: Reuters)