The automotive industry in Japan and Korea may face some challenges due to the tariffs that was imposed by Trump recently.
The United States President, Donald Trump has made the tariffs drama much more intense when he slapped a 25% tariff on imported cars. This move has affected most of the countries and the automotive industries in Japan and South Korea is no exception.
Japan's Automobile Manufacturers Association revealed that the US was the top destination for Japanese car exports in 2023. With cars making up roughly 30% of Japan’s exports to the U.S. last year, the economic blow could be significant. JAMA chairman Masanori Katayama has urged both governments to engage in constructive talks to stabilise the industry.
Meanwhile, Takahide Kiuchi from Nomura Research Institute warned that the new tariffs, combined with earlier trade measures, could shrink Japan’s GDP by up to 0.76%. He emphasised the knock-on effects on employment and domestic production, particularly among smaller parts suppliers.
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