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President Trump of the United States has announced a 25% tariff on imported automobiles, which is poised to have a profound impact on Japan's automotive exports to the US. Data from the Japan Automobile Manufacturers Association reveals that in 2024, Japan exported approximately 1.37 million vehicles to the US, comprising more than 30% of its total exports. As a result of these tariffs, Japanese automakers could incur economic losses amounting to as much as 13 trillion yen, exceeding 2% of Japan's nominal GDP. A mere 10% decline in Japan's automotive exports and production to the US would directly translate into an economic impact of 1.3 trillion yen. The industry is apprehensive that this could lead to a decrease in domestic auto production in Japan, thereby exacerbating industrial hollowing out even further.
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