Autos/ Auto Parts/ Tire Sectors: Sector impact from the shift to Section 301 tariffs

研报英文原文证据摘录

Autos/ Auto Parts/ Tire Sectors: Sector impact from the shift to Section 301 tariffs

J P M O R G A N Asia Pacific Equity Research

27 July 2026

Autos/ Auto Parts/ Tire Sectors

Sector impact from the shift to Section 301 tariffs

The US government, in line with its previous policy, announced on the 24th Japan Equity Research

new Section 301 tariffs to replace Section 122 tariffs that expired the same day.

Autos & Auto Parts

Affected Japanese products face a 12.5% tariff, combined with MFN rates.

The new tariffs generally have no impact on automobiles, auto parts, and Akira Kishimoto AC

general tires (PSR/LTR) covered by Section 232. The sector impact of the new (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

Section 301 tariffs should be minimal, but we summarize in this note the

Wencong Zhang

impact on some products. The sector investigation into excess capacity under (81-3) 6736-8627

Section 301 is ongoing, and automobiles and auto parts have also been cited. wencong.zhang@jpmorgan.com

We will monitor future US announcements and the impact of the tariff JPMorgan Securities Japan Co., Ltd.

measures.

• Implementation of Section 301 tariffs starting on July 24: The Trump

administration introduced new Section 301 tariffs on the same day that the

previous Section 122 tariffs (generally 15%; introduced in February 2026 to

replace IEEPA reciprocal tariffs) expired. These tariffs are related to the

Section 301 investigation into the import ban on products made with forced

labor. The framework adjusts the tariff on Japan to a total of 12.5% by

combining MFN and Section 301 tariffs. While there is no major difference in

the effective tariff rate, the Section 122 scheme added a flat 10% to MFN rates,

so the new tariffs will result in slight changes for some products. For