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Japan may aid carmakers facing U.S. tariff threat

TOKYO — Japan is considering giving carmakers fiscal support including tax breaks to offset the impact from trade frictions with the United States and a sales-tax hike planned for next year, government sources told Reuters on Wednesday. Going into a second round of trade talks with the United States on Sept. 21, Japan is hoping to avert steep tariffs on its car exports and fend off U.S. demands for a bilateral free trade agreement that could put it under pressure to open politically sensitive markets, like agriculture. "If the trade talks pile pressure on Japan's car exports, we would need to consider measures to support the auto industry," a ruling party official said on condition of anonymity because of sensitivity of the matter. The auto industry accounts for about 20 percent of Japan's overall output and around 60-70 percent of the country's trade surplus with the United States, making it vulnerable to U.S. action against Japanese exports. Japan's biggest automakers and components suppliers fear they could take a significant hit if Washington follows through on proposals to hike tariffs on autos and auto parts to 25 percent. Policymakers also worry that an increase in the sales tax from 8 percent to 10 percent planned for October 2019, could cause a slump in sales of big-ticket items such as cars and home. Prime Minister Shinzo Abe has twice postponed the tax hike after the last increase from 5 percent in 2014 dealt a blow to private consumption, which accounts for about 60 percent of the economy. To prevent a pullback in demand after the tax hike, the government may consider large fiscal spending later when it draws up its budget for next year, government sources said. "One option may be to greatly reduce or abolish the automobile purchase tax," one of the government sources said. The government is also considering cuts in the automobile tax and automobile weight tax to help car buyers, the source added. Reporting by Izumi Nakagawa and Tetsushi KajimotoRelated Video: Image Credit: Getty Government/Legal Isuzu Mazda Mitsubishi Nissan Subaru Suzuki Toyota Trump Trump tariffs trade

1993 Mazda RX-7 Retro Review | A '90s hero turns 25

Boom times build interesting cars. In the late 1980s, Japan was flush with capital, and automakers spent like the party was never going to end. Suddenly building the third-generation RX-7 — the world's most advanced twin-turbo rotary sports car — seemed like the most natural thing a small car company hailing from Hiroshima could do. On this side of the Pacific, however, there was no context for the sudden influx of unusually tricked-out Japanese hardware flooding American dealerships. And none of the Japanese sports cars of the era was more unusual than the FD-generation Mazda RX-7, imported from 1993 to 1995 (and continuing on in Japan until 2002). Although the island nation's economy was headed on a downward spiral by the end of 1990, Mazda was in no position to pull back and walk away from the development dollars that had already been spent on its latest RX-7. As a result, Americans were able to briefly bask in the glow of one of the most unique engineering experiments ever unleashed on unsuspecting buyers. For its time, the Mazda RX-7 was a spaceship. With fluid lines that screamed "exotic," it joined the NSX in showing that supercars didn't have to have European blue blood running in their cooling systems to elegantly snag eyeballs. The twin-rotor, 1.3-liter 13B-REW situated behind the RX-7's front axle revved all the way to 8,000 rpm on its quest to produce 255 horsepower and 217 pound-feet of torque, with a pair of sequential turbos handing boost duties back and forth around the 4,500 rpm mark. A five-speed manual gearbox was standard with the FD (a four-speed automatic was optional), as was a curb weight in the neighborhood of 2,800 pounds — nearly 500 lbs less than the contemporary Toyota Supra. Significant figures for the era, to be sure. While they might pale in comparison to the average sports car today, slide into the RX-7's cockpit and drive the car, rather than just crunch the numbers. You'll quickly discover what can be accomplished when the company that engineered the Miata pulls a full John Hammond and "spares no expense" developing a world-beating sports car platform. The 1993 Mazda RX-7 I've been loaned from Mazda's classic collection is an R1 car, which means tighter suspension tuning, a few cosmetic upgrades, and a Competition Yellow paint job.

2016 Mazda MX-5 Miata Launch Edition now available for pre-order

Want to be one of the first to buy the fantastic new 2016 Mazda MX-5 Miata? Now's your chance. The pre-order books open at 12:00 PM Eastern for the very special Launch Edition, which is limited to just 1,000 units. All of the MX-5 Miata Launch Edition cars come painted in Soul Red with a Sport Tan leather interior, an exclusive combination for this special run. Buyers only need to choose between the six-speed manual transmission (the obvious choice), or a six-speed automatic. Pricing is set at $30,495 if you want the stick-shift, and $31,570 if you prefer the auto. So, want one? Of course you do. Head over to Mazda's pre-order site and place a $500 deposit toward the purchase of your car. Better act fast, though. When Mazda offered its 25th Anniversary MX-5 Miata via pre-order, all 100 of those cars sold out in just ten minutes.