Nissan 7201.T CEO Ivan Espinosa expects Japanese trade negotiators to move more quickly in negotiations with the United States towards securing lower tariffs, he said on Thursday, as the struggling automaker awaits clarity on the Trump administration’s duties on cars and auto parts.
Nissan unveiled sweeping new cost cuts on Tuesday, saying the measure would reduce global workforce by 15% and lead to the closure of seven vehicle plants.
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“I would expect that they move faster, to be very honest. We do need to get clarity as soon as possible,” Espinosa said, addressing the FT Future of the Car Summit in London via video link.
He was responding to a question on whether Japanese trade negotiators had moved fast enough to secure lower tariffs in their bilateral trade talks with the U.S.
Nissan has said its exports from Mexico and Japan accounted for just under 45% of its total U.S. sales, putting the cost of U.S. tariffs at an estimated 450 billion yen ($3.08 billion) in the current business year, before mitigation measures are factored in.
The tariffs were making original-equipment manufacturers non-competitive, Espinosa said, and that Nissan has been lobbying the Japanese government for more clarity and stability.
While Japan was the first major economy to start negotiations with the U.S., Britain became the first to agree a bilateral deal. The U.S. and China have also agreed on a truce, de-escalating trade tensions.
Japan’s top trade negotiator, Ryosei Akazawa, could travel to Washington as soon as next week for a third round of trade talks with his U.S. counterparts, two sources with knowledge of the plans told Reuters on Thursday.