TOKYO (AP) – Japan’s exports fell nearly 25% from May due to higher tariffs imposed by President Donald Trump.
The Treasury Department reported on Wednesday that exports fell 1.7% year-on-year, which is less than the decline analysts predicted. Imports were 7.7%, reflecting a weakening domestic demand, falling from 2% recorded in April.
The trade deficit in May was 637.6 billion yen, or 4.4 billion US dollars.
Japan has not reached a deal with Trump to resolve the tariffs, Prime Minister Shigeru Ishiba said after meeting the U.S. president at the Canadian Summit earlier this week that the two sides could not reach a consensus on some aspects.
Trump imposed a 25% tax on Japanese cars and a 24% tariff on other goods. He recently said automatic tariffs could be higher.
Ishiba stressed that Japan is an important ally in a bilateral defense alliance with Washington, and he is working to protect the national interests of his country.
The automotive industry is the backbone of Japan’s economy, and Japan exports more than one million cars to the United States every year. Tokyo has repeatedly stressed that automakers like Toyota and Honda have contributed to the economy and created jobs in North America.
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Yuri Kageyama on the thread
