Trump signs order to lower tariffs on Japanese auto imports

Investing.com -- U.S. President Donald Trump signed an order on Thursday to implement lower tariffs on Japanese automobile imports and other products that were announced in July.

The reduced tariff rate on Japanese cars will decrease from the current 27.5% to 15%, and is set to take effect by the end of September. The lower tariffs on autos will become effective seven days after the publication of the order, with some tariff relief being applied retroactively to August 7.

According to the order, Japan is "working toward an expedited implementation of a 75% increase of United States rice procurements... and purchases of United States agricultural goods, including corn, soybeans, fertilizer, bioethanol (including for sustainable aviation fuel)" and other U.S. products totaling $8 billion per year.

The order also confirms that the Japanese government has agreed to invest $550 billion in the United States in projects that will be selected by the U.S. government.

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