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Fortune

Jason Ma

Trump’s tariffs are already spurring Japanese companies to shift more production to the U.S.

Japan Donald Trump United States Marcel Thieliant Jim Farley

(Credit: Luke Sharrett—Bloomberg/Getty Images)

When it comes to Japan, it looks like President Donald Trump’s plan to use tariffs as a way to boost domestic production is working so far.

Japan’s export volume to the U.S. has fallen to the weakest level since 2021 while its overall exports remain above the 2024 average, Marcel Thieliant, head of Asia-Pacific at Capital Economics, said in a note on Thursday, citing recent data from the Bank of Japan.

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