US President Donald Trump’s administration’s tariffs on Japanese goods constitute a “national crisis,” said Japanese Prime Minister Shigeru Ishiba on Friday,
He announced plans for cross-party discussions to address the situation and urged for a “calm-headed” approach.
Despite Japanese firms being among the largest investors in the United States, Trump on Thursday announced a steep 24 per cent tariff on imports from the long-standing American ally.
Speaking in parliament, Ishiba said that the tariffs “can be called a national crisis and the government is doing its best with all parties” to reduce their effects. He advocated for level-headed negotiations with Trump’s administration, which has also implemented 25 per cent tariffs on automobile imports this week.
According to government spokesperson Yoshimasa Hayashi, Ishiba instructed his cabinet on Thursday “to study closely” the tariffs and “to take all measures necessary including financing support” for domestic industries whilst safeguarding employment.
Hayashi announced Friday that “As it is necessary for all parties including the opposition bloc to study and take measures, Prime Minister Ishiba will meet with each of the party leaders and listen to their opinions” later that day.
The Asahi Shimbun newspaper reported that Ishiba’s consultations with party leaders aim to establish support for the supplementary budget bill, as his minority government requires opposition cooperation for parliamentary approval.
Hayashi reiterated on Friday that Trump’s comprehensive new tariffs are “extremely regrettable” and Japan harbours “serious concerns” regarding their compliance with world trade organization (WTO) rules and US-Japan trade agreements.
According to Hayashi, Ishiba has directed his ministers to “continue strongly demanding the United States to review” the tariff measures.
The Nikkei 225, Japan’s primary stock index, declined over three per cent on Friday, following Thursday’s 2.7 per cent fall, mirroring the S&P 500’s largest single-day decrease since 2020.
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