Japan’s big seven automakers are in the midst of an export downturn with a 7% decline in shipments in July after a 6% rise in 2Q. That’s partly technical due to rainfall-driven interruptions for Mazda (27% lower) while Nissan (down 38%) appears to be prioritizing local sales. The automakers face secular risks for their U.S.-bound deliveries both in terms of NAFTA negotiations (Mexican quotas) and the section 232 review of the industry more broadly (25% duties). There doesn’t appear to be an tariff-beating rush of shipments yet with seaborne imports in July up by just 2% in July from 8...