Top Japanese shipping line fears US tariffs will slow cargo flows, president says

Record ID: 1987538

  • Title: Top Japanese shipping line fears US tariffs will slow cargo flows, president says
  • Date: 1st April 2025
  • Summary: TOKYO, JAPAN (MARCH 31, 2025) (REUTERS) NIPPON YUSEN (NYK) PRESIDENT, TAKAYA SOGA, SEATED DURING INTERVIEW (SOUNDBITE) (Japanese) NIPPON YUSEN PRESIDENT, TAKAYA SOGA, SAYING: "You ask who pays the tariffs, ultimately it's the American people who pay the tariffs, and that is something we want to pay careful attention to." SOGA SEATED (SOUNDBITE) (Japanese) NIPPON YUSEN PRES
  • Embargoed:
  • Keywords: Japan NYK Trump shipping tariffs trade
  • Location: TOKYO, JAPAN
  • City: TOKYO, JAPAN
  • Country: Japan
  • Topics: Asia / Pacific,Economic Events
  • Reuters ID: LVA001322901042025RP1
  • Aspect Ratio: 16:9
  • Story Text: Japan's largest shipping line, Nippon Yusen (NYK), is concerned that U.S. President Donald Trump's tariffs could push up the cost of automobiles and daily goods, denting consumer demand and slowing cargo flows, its president said.
    "It's not the case that consumers will pay them (the tariffs) directly, however the burden will ultimately fall on them and that in turn will limit the flow of goods. That's our biggest concern," NYK President Takaya Soga told Reuters in an interview on Monday (March 31).
    Trump last week unveiled plans to impose a 25% tariff on automobile imports, a move expected to hit Japan's export-driven economy. He has also vowed to announce reciprocal tariffs targeting all trading partners on Wednesday (April 2).
    However, the potential disruption could offer a silver lining for shipping lines, Sogo said. As seen during the COVID-19 pandemic, even if cargo volumes decline, tariff-related procedural delays could disrupt logistics, tighten ship demand and lift freight rates, he said.
    (Filming: Tom Kelly. Production: Tom Bateman)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2025. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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