Japan’s World Exports Rise but Trump’s Tariffs Cut Shipments to U.S.

Japan’s global exports rose 3.7% in October from a year earlier, while imports from the rest of the world edged up 0.6%, according to the latest government data released, Jenny McCall reported for Yahoo Finance.

Previously, tariffs on most goods stood at 2.5%. (Photo: U-ichiro Murakami (Murambo) Wikimedia Commons) 

Exports to the US dipped 3.1%, marking the seventh straight month of year-on-year declines, mainly due to higher US tariffs, Finance Ministry data showed, the Associated Press (AP) also reported.

US President Donald Trump announced a trade framework with Japan in July, placing a 15% tax on goods imported from the country. That is lower than the 25% rate Trump initially said would take effect starting in August.

Previously, tariffs on most goods stood at 2.5%.

It is a heavy burden for an export-dependent nation that is a major US ally, but shipments to the rest of Asia are helping offset those lost sales. Japan’s soybean imports from around the world surged 37.3% from a year earlier, while imports of iron and steel products dipped 17.1%.