US President Donald Trump signed an order on Thursday to implement lower prices on imports of Japanese cars and other products announced in July.
The lower prices on cars should take effect seven days after the order was published. Part of the price relief is retroactive until August 7.
Trump’s order also means that a reduced American tariff rate on Japanese cars, from current 27.5% to 15%, should come into force by the end of this month, Reuters reported earlier, citing a source from the Japanese government.
Trump’s order indicates that Japan “works on an accelerated implementation of a 75% increase in American rice purchases … and purchases of agricultural products from the United States, including corn, soybeans, fertilizers, bioethanol (including for sustainable aviation fuel)” and other American products totaling $ 8 billion per year.
He also reiterates that the Japanese government has agreed to invest $ 550 billion in the United States in projects that will be selected by the US government.
