Nishizono's questions to Honda Motor Co Ltd (HMC) leadership • Q1 2026
Question
Mr. Nishizono of NHK asked for the specific assumptions underlying the full-year forecast for tariff impacts, including the assumed start date for the new 15% US-Japan automotive tariff.
Answer
Operating Executive Masao Kawaguchi explained that the forecast's gross tariff impact was revised down from JPY 650 billion to JPY 450 billion. This was due to a detailed analysis of production reallocations and scrutinizing which parts imported from Canada and Mexico could be exempt under USMCA rules. Mr. Kawaguchi specified that the current financial forecast assumes the new 15% tariff on automobiles from Japan will begin in September.