|
Exports fell 1.7% year-on-year, which was less than the decline
analysts had forecast, the Finance Ministry reported Wednesday.
Imports sank 7.7%, reflecting weakening domestic demand and
worse than the 2% fall recorded in April.
The trade deficit in May was 637.6 billion yen, or $4.4 billion.
Japan has yet to reach a deal with Trump on resolving the
tariffs issue, with Prime Minister Shigeru Ishiba saying after
he met with the U.S. president at the Group of Seven summit in
Canada earlier this week that the two sides were unable to agree
on some points.
Trump has imposed a 25% additional tariff on Japanese autos and
a 24% tariff on other goods. He recently said the auto tariff
may become even higher.
Ishiba has emphasized that Japan is an important ally in a key
bilateral defense alliance with Washington and that he is
pushing to protect his own country's national interests.
The auto industry is a pillar of Japan’s economy, and Japan
exports more than a million vehicles to the U.S. a year. Tokyo
has repeatedly stressed that automakers like Toyota and Honda
produce cars in North America, contributing to the economy and
creating jobs.
All contents © copyright 2025 Associated Press. All rights reserved
|
|
