International shipping may soon feel the impact of the US-Japan trade deal starting on September 16. On July 22, the Trump Administration reached an agreement with Japan establishing a tariff framework between the countries. The deal includes a 15% baseline on most Japanese imports into the US, including automobiles and auto parts . When Trump returned to the presidency, he hiked the 2.5% duty on Japanese automobiles to 27.5%. The US will equally reduce the rates of automobile imports coming from the EU (European Union) and South Korea. Some of the other key details from the trade deal include: Japanese imports will no longer have additional ad-valorem tariffs and reciprocal duties on top of the 15%. The tariff’s adjustments are retroactive to August 7. Importers that come into the US from Japan after that date are eligible for refunds under the deal. Japan will invest $550 billion in US projects picked by the US government. These will focus on national and economic sectors...
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