Japan's auto exports to US drop after tariffs

TOKYO, June 18 (AFP): Japanese auto exports to the United States fell almost a quarter in May, data showed Wednesday, as worries over Donald Trump's tariffs continue to grow with no deal yet made between Tokyo and Washington.
Roughly eight per cent of jobs are tied to the auto industry in Japan, which is home to the world's top-selling carmaker Toyota as well as Honda, Nissan and other giants.
The country is seeking relief from the 25 per cent US vehicle tariffs and other trade levies, but no deal has been reached despite several rounds of talks with Trump and his administration.
Japan posted a trade deficit for the second straight month in May, with imports exceeding the value of exports by 637.6 billion yen ($4.4 billion).
To the United States specifically, exports fell around 11 per cent, with the export of automobiles down 24.7 per cent on-year, finance ministry data showed.
"A series of tariffs imposed by the United States, which represents roughly one-fourth of world GDP and roughly 20 per cent of Japan's exports, is hitting many Japanese companies' profits," Prime Minister Shigeru Ishiba told reporters in Canada after the G7 summit.
The situation "could have a grave impact on both Japan and the United States as well as the world economy, directly and indirectly", he warned.
Ishiba held face-to-face talks with Trump on Monday but no breakthrough on the trade impasse was announced.
"As there are still some points where both sides disagree, we have not reached an agreement on the package as a whole," he said.