Commerce Secretary Howard Lutnick Dismisses 'Silly' Concerns Of US Automakers' Over Japan Trade Deal, Says They're 'Cool' With It
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U.S. Commerce Secretary Howard Lutnick stated that American auto CEOs support President Trump's new trade deal with Japan, which may lower tariffs on Japanese car imports. Despite concerns from the American Automotive Policy Council, Lutnick dismissed them as 'silly.' The deal imposes a 15% tariff on Japanese cars while U.S. automakers face a 25% tariff on vehicles produced in Canada and Mexico. The agreement is expected to create jobs but has drawn criticism for potentially increasing costs for American consumers. Japan's bond yields surged, indicating economic instability.
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