PM Ishiba says Japan will push the US to lower tariffs, but it probably won’t happen quickly

Japan will ask the US to lower its tariffs, according to Prime Minister Ishiba, although progress is not anticipated to be made quickly.

Although he acknowledged that results “won’t come overnight,” Japanese Prime Minister Shigeru Ishiba stated on Monday that his government would keep pressing US President Donald Trump to lower tariffs imposed on Japanese imports.

In order to mitigate the economic effects of the US tariffs, Ishiba told parliament, “the government must take all available means.” He also said that measures like employment protection and financial support for domestic businesses would be put in place.

“Very disappointing and regrettable” was how Ishiba described Trump’s decision to slap tariffs on Japanese products. He insisted that Japan had done nothing unfair to the United States and that it would continue to clarify its stance.

Additionally, he stated that he was prepared to visit the US as soon as possible to meet with Trump. “But in order to do that, we need to prepare a set of actions that Japan could take,” he stated.

It is anticipated that Trump’s 25% auto import duty and 24% reciprocal levy on other Japanese goods will significantly hurt Japan’s export-dependent economy. Analysts have cautioned that the tariffs may reduce the nation’s economic growth by up to 0.8%.

Sharp declines in stock markets around the world have also been brought on by growing concerns of a global recession; in early trading on Monday, Japan’s Nikkei share average fell by about 9%.

Ishiba met with important economic officials, including Finance Minister Katsunobu Kato, on Sunday night and told them to be alert and “respond appropriately” to market swings, according to Japan’s Nikkei newspaper.