Japanese Prime Minister Shigeru Ishiba said on Monday that his government would continue urging US President Donald Trump to reduce tariffs imposed on Japanese goods but admitted that results “won’t come overnight.”
“As such, the government must take all available means,” Ishiba told parliament, adding that steps such as funding support for domestic companies and job protection measures would be implemented to cushion the economic impact of the US tariffs.
Describing Trump’s decision to impose tariffs on Japanese imports as “extremely disappointing and regrettable,” Ishiba maintained that Japan had done nothing unfair to the United States and would continue to explain its position.
He also expressed readiness to travel to the US for a meeting with Trump at the earliest opportunity. “But in doing so, we must ready a package of steps on what Japan could do,” he said.
Trump’s imposition of a 25% tariff on auto imports and a 24% reciprocal levy on other Japanese goods is expected to deal a major blow to Japan’s export-reliant economy. Analysts have warned the tariffs could cut as much as 0.8% from the country’s economic growth.
Mounting fears of a global recession have also triggered sharp falls in stock markets worldwide, with Japan’s Nikkei share average plunging nearly 9% in early trading on Monday.
According to Japan’s Nikkei newspaper, Ishiba convened a meeting with key economic ministers, including Finance Minister Katsunobu Kato, on Sunday evening and instructed them to remain vigilant and “respond appropriately” to market movements.
Faridah Abdulkadiri
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