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Japan’s Exports Rebound Led by Strong Asian Demand Amid U.S. Tariff Pressure
Japan: According to Japanese Finance Ministry data, Japan's exports increased by 4.2 percent in September despite US tariffs. Exports to the United States declined by 13.3 percent. US President Trump will visit Japan later this month, where he is expected to meet with Prime Minister Takaichi.
Japan's exports and imports rose in September against US tariffs. According to government data, Japan's exports increased by 4.2 percent in September.
According to Japanese Finance Ministry data, Japan's exports to Asia increased by 9.2 percent last month compared to the same period last year. Exports to the United States declined by 13.3 percent, marking the sixth consecutive month of decline. Exports to China increased by 5.8 percent compared to the previous year.
Automobile exports to the United States fell 24.2% in September. Automakers such as Toyota Motor Corp. are mainstays of the economy of Japan. Overall, imports in Japan rose 3.3% this month, with Asia up 6%, including a 9.8% rise in imports from China.
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This revelation is a day after Sanae Takaichi was voted Prime Minister by the parliament, becoming the first female prime minister of Japan.
US President Trump will visit Japan later this month, where he is expected to meet with Prime Minister Takaichi. Earlier in July, Trump announced a new trade framework with Japan, imposing a 15% tax on Japanese goods.
Under this agreement, Japan has pledged to invest $550 billion in the US and further open its market to American automobiles and rice. This tax rate has been reduced from the previously proposed 25% to 15%, which is considered a major step towards economic cooperation between the two countries.
