According to World Bank data, the previous tariff rate on goods imported from Japan was around 2%. While the new rate of 15% is lower than President Donald Trump’s previously proposed 25% rate, the cost of Japanese automobiles could still rise.

In a meeting with U.S. Secretary of Commerce Howard Lutnick in Washington on Wednesday, top trade negotiator Ryosei Akazawa urged the U.S. to implement at an early date an agreed cut to U.S. tariffs on Japanese auto and auto parts, Japan's government said.

Trade negotiator Ryosel Akazawa urged U.S. Commerce Secretary Howard Lutnick to implement an agreed tariff cut on Japanese cars and auto parts