Still waiting on Trump's auto tariff announcement. It was due at 4pm US Eastern time. Trump a little behind schedule. Stay tuned! This article was written by Eamonn Sheridan at www.forexlive.com.

TOKYO (Reuters) -Japanese Prime Minister Shigeru Ishiba said on Monday he will not hesitate to hold talks with President Donald Trump to ensure an agreed cut to U.S. automobile tariffs is implemented soon. In a parliament session on Monday, Ishiba drew criticism from some opposition lawmakers for not having signed an official document with the U.S. in clinching a trade deal last month. "Creating a document could have delayed the timing of tariff cuts. That was our biggest fear," Ishiba said, defending Japan’s decision to agree on a deal without creating an official document with the U.S. "He is not a typical counterpart and could overturn rules," Ishiba said on Trump’s negotiating style. Ishiba said he had "absolutely no hesitation" to hold talks with Trump to have Washington execute the tariff cut soon, though he declined to comment on when such talks could take place. "Both countries will begin executing what was agreed upon, which is harder than agreeing on a deal," Ishiba said, signaling his intention to stay on as premier to see through the process. Ishiba is under pressure from within his ruling Liberal Democratic Party to step down as prime minister to take responsibility for the party’s huge defeat in last month’s upper-house election. Japan’s trade deal struck with Trump last month lowers U.S. tariffs on imports of goods including automobiles, easing the pain for the export-reliant economy. But there is no clarity on when U.S. tariffs for automobiles and auto parts will be cut to 15% from the current 25%, clouding the outlook for Japan’s fragile recovery. In the same parliament session, Japan’s top trade negotiator, Ryosei Akazawa, said it was hard to say how soon the U.S. could actually implement automobile tariffs, though he added it took "more than a month" in the case of Britain.

(Reuters) - U.S. President Donald Trump’s 25% tariff on auto imports may cost American consumers more than $30 billion in higher vehicle prices and reduced car sales in the first full year, consultancy firm Anderson Economic Group said in a report on Thursday. WHY IT’S IMPORTANT Manufacturers are expected to bear some of the tariff costs in the first year, but will eventually alter production and possibly cease import of certain low-volume models into the U.S. market. AEG expects manufacturers to reduce the number of models sold in the U.S., shift some production to the country and pass almost all costs related to tariff on to consumers. CONTEXT Trump unveiled a 25% tariff on imported cars and light trucks last month. The tariff covers more than $460 billion worth of imports of vehicles and auto parts imports annually, according to a Reuters analysis. KEY QUOTE "If you are in the market for a new car and you find one you like, my advice is to buy it right away," said AEG CEO Patrick Anderson. "If you have a used car you rely upon, my advice is to make sure it is well maintained as you are likely to use it for a while longer than you had earlier planned." BY THE NUMBERS For models made or assembled in the U.S., AEG estimated tariffs could cost an additional $2,500 to $5,000 for budget cars, $5,000 to $8,000 for mid-sized vehicles, and between $10,000 to $15,000 for SUVs and luxury models. Cars imported from Europe and Asia may have a potential tariff impact of $8,000 to $10,000 for smaller models and up to $20,000 and beyond for luxury, SUV and sports models, the consultancy firm estimated.

President Trump issued a Proclamation that the United States will impose an additional 25% import duty, pursuant to Section 232 of the Trade Expansion Act of 1962 (Section 232), on passenger vehicles,...

TikTok video by Andy Ostroy

TikTok video by Andy Ostroy