Tokyo: Japanese Chief Cabinet Secretary Yoshimasa Hayashi on Tuesday welcomed the US government's move to lower tariffs on Japanese automobiles to 15 percent from 27.5 percent, describing it as the steady implementation of a bilateral agreement reached in July. "We welcome this as the steady implementation of the Japan-US agreement. The government will continue to work with the US for sincere and swift implementation, while fully assessing the impact on our industries," Hayashi told a press conference. Hayashi also pledged full support for affected businesses, saying, "We will take every possible measure, including assistance at about 1,000 special consultation offices nationwide and financial support for small and medium-sized enterprises." According to Kuwait News Agency, in April, US President Donald Trump's administration imposed an additional 25 percent tariff on Japanese cars, raising the overall rate to 27.5 percent. Following Trump's executive order earlier this month, Washington reduced the rate to 15 percent effective Tuesday, easing the burden on Japanese automakers though still higher than the pre-April level of 2.5 percent. Tariffs on auto parts were also lowered to 15 percent, while other goods previously subject to levies of 15 percent or more will not face extra duties, according to the notice.
