The existing provisions provided for a rate of 15 percent. for goods imported from Japan. The problem arose in situations where products – such as beef – were already covered by higher duties, which led to double charging.
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Problems with the US-Japonia trade agreement. There will be changes
According to Akazawa, the American trade minister Howard Lutnick and Minister of Finance Scott Bessent assured that corrections would be introduced in the decree. Currently, the document protects against the accumulation of European Union tariffs, but not Japan. The US side also announced a refund of overpaid customs duties. “The Americans have committed themselves to correcting the regulations in a timely manner and solve the problem,” Akazawa emphasized.
This issue was one of the elements of a broader trade agreement concluded on July 22. It provides for a reduction in American duties on cars and car parts from Japan from 27.5 to 15 percent. In exchange for significant investments of Japanese companies in the USA. For now, the date of entry into force of these provisions has not been given.
Akazawa appealed for the first issue of a separate presidential regulation in this matter. According to the American side, it can be announced in parallel with a correction of the provisions on retaliation.
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Information on planned changes in tariffs, combined with the good financial results of companies, has a positive impact on the mood of investors. The Topix index for the first time in history has crossed the psychological limit of 3000 points – the Reuters agency informed. Analysts indicate that the greater transparency in the matter of US customs policy has reassured the fears of markets.
