TOKYO, June 18 (AP): Japan experienced a drop in exports in May, largely driven by a nearly 25 per cent year-on-year fall in automobile shipments to the United States due to increased tariffs imposed by President Donald Trump.
According to a report from the Finance Ministry on Wednesday, overall exports declined by 1.7 per cent-a smaller drop than analysts had predicted. However, imports fell more sharply by 7.7 per cent, indicating weakening domestic demand, and exceeding April's 2 per cent decline.
As a result, Japan recorded a trade deficit of 637.6 billion.
No resolution has been reached between Japan and the US regarding the tariff issue. Prime Minister Shigeru Ishiba, following his meeting with President Trump at the recent G7 summit in Canada, stated that both countries failed to come to an agreement on key matters.
President Trump has imposed an additional 25 per cent tariff on Japanese vehicles and a 24 per cent tariff on various other products, warning that the auto tariff could be raised further.
Japan records trade deficit as exports suffer from Trump's tariffs
FE Team | Published: June 18, 2025 23:47:56
Japan records trade deficit as exports suffer from Trump's tariffs
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