J P M O R G A N Asia Pacific Equity Research 23 July 2025 Autos/Auto Parts/Tire Sectors Media reports of agreement for 15% auto tariff; sector impact and our view On July 23, NHK and other media sources reported that agreement had been reached on a 15% auto tariff rate between Japan and the US. If these reports are true, we would expect reduced tariff impacts, particularly at auto OEMs and major auto parts makers. We estimate earnings upside of around ¥500 billion for Toyota Motor and expect the market to r ...