Japan Warns of US Tariffs' Economic Consequences

(MENAFN) Japanese Prime Minister Shigeru Ishiba has stated that American import duties are “severely impacting” Japanese enterprises, particularly those in the automotive sector, according to a news agency.

His comments were made following a recent discussion with US President Donald Trump during the G7 summit held in Canada, where the two leaders did not reach any definitive agreement on the tariff issue.

Speaking at a media briefing, Ishiba stressed that the US-imposed tariffs, which affect numerous industries, could cause a "serious impact on the global economy both directly and indirectly."

He underlined that he would not rush into any accord with the US if it meant jeopardizing Japan’s core interests, emphasizing that bilateral negotiations will persist.

"We agreed to instruct ministers to continue with negotiations," Ishiba said. "We will never sacrifice our national interests just because we aim for a quick agreement."

Senior-level dialogues have taken place on various occasions to advance commercial exchange, reduce non-tariff trade restrictions, and strengthen both economic and security ties between the two countries.

Ishiba also revealed his intention to travel to the Netherlands on June 24 to participate in the Hague NATO summit, where he hopes to conduct an additional meeting with President Trump aimed at securing a mutually beneficial deal.

Currently, Japan’s vehicle manufacturers are contending with a 25 percent import tax.

In addition, the country is at risk of being subjected to a 24 percent “reciprocal” tariff starting July 9, unless successful negotiations are achieved with Washington.

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