Citi economist Katsuhiko Aiba said the U.S.-Japan trade deal could influence the course of talks with other major auto exporters, namely the EU and South Korea.
Shares of Europe’s auto giants rose on Wednesday morning.
Germany’s Volkswagen, BMW and Mercedes-Benz Group rose more than 4% in early deals, while luxury automaker Porsche soared 7.4%.
Citi economist Katsuhiko Aiba said the U.S.-Japan trade deal could influence the course of talks with other major auto exporters, namely the EU and South Korea.
Shares of Europe’s top carmakers rose on Wednesday after the U.S. and Japan’s blockbuster trade agreement raised hopes of a tariff breakthrough for other major exporters.
In a post on social media platform Truth Social, Trump described the «massive» trade agreement as «perhaps the largest Deal ever made.»
The deal is expected to mean U.S. tariffs on imported Japanese vehicles and parts will fall to 15%, a significant drop from the existing 25% rate that is levied across countries.
Japanese Prime Minister Shigeru Ishiba welcomed the trade agreement, saying it marks «the lowest figure among countries that have a trade surplus with the U.
