According to Prime Minister Ishiba, Japan will request that the United States reduce tariffs; however, the results will not occur immediately. (Reuters) Tokyo, April 7 – On Monday, Japanese Prime Minister Shigeru Ishiba stated that the government will persist in its efforts to persuade U.S. President Donald Trump to reduce tariffs against Japan.
However, he also acknowledged that results “will not be achieved overnight.” Ishiba informed parliament that the government must employ all available resources to mitigate the economic impact of U.S. tariffs, including providing financial assistance to domestic businesses and implementing measures to safeguard employment opportunities.
Trump’s decision to impose tariffs on imports from Japan was “extremely disappointing and regrettable,” according to Ishiba. He also stated that Japan will persist in its efforts to demonstrate that it had not engaged in any unfair practices towards the United States. Ishiba also expressed his willingness to visit the United States at his earliest convenience in order to meet with Trump.
“However, in order to do so, we must develop a series of actions that Japan could take,” he emphasised.It is anticipated that the 25% tariff on auto imports and the reciprocal 24% tariff on other Japanese products imposed by Trump will have a significant impact on Japan’s export-heavy economy.
Analysts have predicted that the increased duties could reduce economic growth by up to 0.8%. Fears of a global recession have also resulted in substantial declines in stock prices worldwide, including Japan’s Nikkei share average, which plummeted by nearly 9% early on Monday.
According to Japan’s Nikkei newspaper, Ishiba convened key economic ministers, including Finance Minister Katsunobu Kato, on Sunday evening and advised them to remain vigilant and “respond appropriately” to market developments. Editing by Kim Coghill and Lincoln Feast; reporting by Leika Kihara
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