Japan’s automotive industry remained depressed in May. The big seven automakers’ global production only rose by 1.7% in May compared to April and fell by 61.1% year over year due to COVID-19 related disruptions to production and demand. Exports from Japan dropped by 67.3% year over year, led by a 90.0% slump in exports by Subaru, an 86.4% slide for Mazda and an 83.0% drop for Nissan. The firms also face complications in their North American supply chains from the implementation of new rules on sourcing and labor costs under the USMCA trade deal from July 1. One reported response is that ...