Shares of Japanese auto firms fall after US’s TPP exit
Tokyo: Shares of Japanese automobile firms fell at the Tokyo Stock Exchange on Tuesday after the US exited from the Trans Pacific Partnership (TPP) deal, the media reported.
Stocks of many Japanese auto companies closed in red, including Mitsubishi Motors (-3.07 per cent), Mazda Motor (-2.26 per cent) and Nissan Motor (1.15 per cent), Efe news reported.
Japan’s leading carmaker Toyota Motor’s shares too recorded a fall of 1.66 per cent.
US President Donald Trump, one of whose electoral promises was to pull the US out of the TPP, signed an order on Monday to make this decision effective, and asked trade representatives to initiate necessary steps to seek bilateral negotiations that promote US industries.
Earlier Trump had taken to social media threatening several car manufacturers, including Toyota of imposing heavy custom duties if they exported vehicles made in Mexico or Canada to the US, something he believes is affecting his country’s economy and employment opportunities.