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Consumer Recalls
Japan to US: Any new auto tariffs would damage US, world
economy
Mari Yamaguchi | The Associated Press
Show Caption
TOKYO — Japan's government warned in a report Friday that a higher
U.S. tariff on auto imports could backfire, jeopardizing hundreds of
thousands of American jobs created by Japanese auto-related
companies, raising prices for U.S. consumers and devastating the U.S.
and global economy.
Japan submitted a position paper Friday to the U.S. Department of
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Commerce, according to the Japanese trade ministry. In May, Trump
ordered the department to conduct an investigation to determine if
higher tariffs on foreign-made vehicles and auto parts were justified on
national security grounds.
In this January 2017 photo, cars are parked waiting to be
exported at Yokohama port near Tokyo. Japan’s government
has warned in a report that … Show more
AP
The move outraged Japanese automakers, which have invested billions
of dollars in U.S. plants that directly employ tens of thousands of
workers.
Any trade restrictions, if imposed, would increase costs for U.S.
consumers and "could seriously affect" the jobs, the report said. It said
the measures would put a brake on global trade, seriously disrupt the
market and put global free trade "at great risk."
It said U.S. automakers would lose competitiveness and export markets
would shrink, affecting U.S. auto-related industries in and outside the
country, and "eventually undermine the entire U.S. economy."
Japan said up to 624,000 people could lose their jobs in the U.S. if a 25
percent tariff were levied on automobiles and auto parts and other
countries took retaliatory measures, citing a study by the Peterson
Institute for International Economics.
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Trump reportedly offered France better trade deal to leave the EU
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Donald Trump suggested to French President Emmanuel Macron that he should leave the
European Union
according
to the Washington Post.
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Already hit by increased U.S. steel and aluminum tariffs, Japan has told
the World Trade Organization it may levy retaliatory tariffs on U.S.
goods totaling about 50 billion yen ($450 million) a year.
Japan, in the report, alleged that "broad trade restriction measures on
automobiles and auto parts in the name of security raise serious
questions about the compliance with the WTO agreements." Possible
rebalancing or retaliatory measures from other countries could also
damage U.S. manufacturing and agricultural industries, it said.
The report said Japanese auto-related companies have played a vital
role in contributing to the growth of the U.S. manufacturing base since
the 1980s. They have created over 1.5 million jobs across America and
produce about 3.8 million cars in the U.S., it said.
Japanese companies have invested over $48 billion in the U.S.,
sustaining jobs, developing human resources and competitiveness, and
contributing to American society like any U.S. company, the report said.
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Analyst: U.S. tariffs are a game of 'Whac-A-Mole'
President Donald Trump brought the world's two biggest economies to the brink of a
trade war Friday by announcing a 25 percent tariff on up to $50 billion in Chinese imports
to take effect July 6. Here's how it could affect the U.S. economy and consumers. (June
15)
AP
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