\n\tJapan’s economy sank at an annualised rate of 1.8 per cent in the July-September period, government data showed Monday, as President Donald Trump’s tariffs sent the nation’s exports spiralling.<\/p>\n
\n\tOn a quarter-by-quarter basis, Japan’s gross domestic product, or GDP, or the sum value of a nation’s goods and services, slipped 0.4 per cent, in the first contraction in six quarters, the Cabinet Office said.<\/p>\n
\n\tThe annualised rate shows what the economy would have done if the same rate were to continue for a year. The fall was still smaller than the 0.6 per cent drop the market had expected.<\/p>\n
\n\tA big decline during the quarter came in exports, which were 1.2 per cent down from the previous quarter.<\/p>\n
\u00a0<\/p>\n
\n\tSome businesses had sped up exports, when they could, to beat the tariffs kicking in, inflating some of the earlier data for exports.<\/p>\n
\n\tOn an annualised basis, exports dropped 4.5 per cent in the three months through September.<\/p>\n
\n\tImports for the third quarter slipped 0.1 per cent. Private consumption edged up 0.1 per cent during the quarter.<\/p>\n
\n\tTariffs are a major blow to Japan’s export-reliant economy, led by powerful automakers like Toyota Motor Corp., although such manufacturers have over the years moved production abroad to avert the blunt of tariffs.<\/p>\n
\n\tThe US now slaps a 15 per cent tariff on nearly all Japanese imports. Earlier the tariffs were 25 per cent.<\/p>\n
\n\tJapan also faced political uncertainty recently, until Sanae Takaichi became prime minister in October.<\/p>\n","protected":false},"excerpt":{"rendered":"
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