U.S. commerce chief urges Japanese carmakers to cut exports and build more autos in America

U.S. Commerce Secretary Wilbur Ross urged Japanese automakers Monday to reduce exports from Japan and Mexico while beefing up production in the United States in order to slash the huge U.S. trade deficit with Japan.

Ross made the pitch at an event on U.S.-Japan economic relations, saying the planned U.S. tax reform would make it more attractive for Japanese carmakers to engage in production in the United States.

Ross welcomed the move by Toyota Motor Corp. and Mazda Motor Corp. to jointly set up a new factory in the United States to make Corolla sedans previously scheduled for production at a plant in Mexico.

The U.S. goods trade deficit with Japan amounted to $4.84 billion as of September, the fourth-largest with its trade partners, followed by China at $34.64 billion, Mexico at $5.70 billion and Germany at $5.36 billion.

Add a Comment

Your email address will not be published. Required fields are marked *