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Japan’s Nikkei share average plummeted to an eight-month low on April 3, following President Trump's announcement of new tariffs, including a 24% levy on Japanese goods. The index fell as much as 4.6% in early trading, with banks and exporters, particularly automakers, facing significant pressure. Analysts predict continued market volatility as Japanese officials explore options in response to the tariff impact.
Japan's trade minister expressed strong regret over the US's new tariffs, including a 24% levy on Japanese imports, during discussions with US Commerce Secretary Howard Lutnick. He emphasized the negative impact these tariffs could have on the US economy and urged for cooperation without reliance on tariffs. Concerns were also raised about the potential violation of World Trade Organization rules and the Japan-US trade agreement.
Swamy Kotagiri, CEO of Magna, faces significant challenges due to President Trump's 25% tariffs on foreign auto imports, which threaten to raise consumer prices and impact job growth. With a vast network of facilities across North America, Magna emphasizes flexibility in production to adapt to changing market conditions, while smaller suppliers struggle with rising costs and declining revenues. As Magna looks to expand in China, the company aims to navigate the complexities of the global auto supply chain amidst ongoing industry disruptions.
Business sentiment among large Japanese manufacturers has declined for the first time in a year, influenced by concerns over U.S. tariffs under President Trump. The Bank of Japan's quarterly survey revealed a drop in the sentiment index from plus 14 to plus 12, with major manufacturers like Toyota and Nissan particularly affected. Meanwhile, the sentiment for large non-manufacturers improved, reflecting a boost from healthy tourist traffic, as Japan's unemployment rate slightly improved to 2.4%.
Soaring demand for Toyota's gasoline-electric hybrids has led to significant supply chain challenges, resulting in extended wait times for customers across major markets. With global hybrid sales nearly tripling in five years, Toyota is working to boost production capacity while facing component shortages, particularly in magnets and inverters. Competitors like Hyundai and Honda are also struggling to meet hybrid demand, highlighting the growing popularity of these vehicles amid a competitive landscape.
Soaring demand for Toyota's gasoline-electric hybrids has led to significant supply chain challenges, resulting in lengthy wait times for buyers across major markets. In Europe, customers face delays of 60 to 70 days, while in Japan, waits range from two to five months. The automaker is working to boost production and alleviate bottlenecks caused by shortages of key components, including magnets and inverters.
Japan, China, and South Korea have agreed to enhance free trade cooperation amid new tariffs imposed by the U.S. The meeting, the first of its kind in five years, emphasized the need for a comprehensive trilateral free-trade agreement and a stable trade environment, as the three nations collectively represent a significant portion of the global economy and trade.
China’s President Xi Jinping urged multinational CEOs to safeguard global trade and supply chains amid rising US tariffs, emphasizing the need for cooperation to stabilize the economy. The meeting, attended by around 40 executives, highlighted concerns over tightening regulations and foreign investment challenges in China. Xi noted the significant contributions of foreign enterprises to China's economy, while reiterating the mutually beneficial nature of China-US trade relations.
Japan’s Nikkei average closed at a two-week low, dropping 680 points (1.8%) to 37,120.33, driven by concerns over U.S. tariffs on imported cars and parts. Automakers like Toyota and Honda saw significant declines, contributing to a market value loss of nearly $20 billion in three days. All 33 industry sub-indexes on the Tokyo Stock Exchange fell, with the brokerage sector experiencing the steepest drop at 4.52%.
Shares of Japan's major automakers fell sharply after President Trump announced a 25% tariff on auto imports, with Toyota down 3.7%, Nissan 3.2%, and Honda 3.1%. The auto industry is crucial to Japan's economy, accounting for about 10% of jobs and a significant portion of US-bound exports. Japanese officials have sought tariff exemptions but have faced refusals, raising concerns about the broader economic impact.
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