Japanese PM Says U.S. Tariffs “Severely Impact” Automakers
(MENAFN) Japan’s Prime Minister Shigeru Ishiba has expressed strong concerns over the damaging effects of US tariffs on Japanese companies, particularly automakers, media reported.
His comments followed a G7 summit meeting in Canada with US President Donald Trump, where no agreement was reached to resolve the ongoing tariff dispute.
At a press briefing, Ishiba highlighted that US tariffs imposed on several industries could trigger “a serious impact on the global economy both directly and indirectly.”
He reiterated his stance that Japan will not rush into a trade deal if it compromises national interests, affirming that discussions with Washington will persist.
"We agreed to instruct ministers to continue with negotiations," Ishiba stated firmly. "We will never sacrifice our national interests just because we aim for a quick agreement."
Several rounds of ministerial talks have been conducted to promote trade, reduce non-tariff obstacles, and strengthen economic and security ties between the two nations.
Looking ahead, Ishiba plans to attend The Hague NATO summit in the Netherlands from June 24, hoping to secure another meeting with President Trump to push forward on a deal.
Japan’s auto sector currently faces a 25% tariff, while a reciprocal 24% "reciprocal" tariff on US imports to Japan is set to begin on July 9 if no agreement is finalized.
Adding to economic concerns, Japan recorded a trade deficit of 637.61 billion yen ($4.38 billion) in May, largely driven by a steep decline in auto-related exports to the US following Trump’s tariff measures, according to Mainichi, citing government data.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
