TOKYO, July 8 — Prime Minister Shigeru Ishiba said on Tuesday that United States (US) President Donald Trump’s decision to impose a 25 per cent tariff on Japan is “truly regrettable,” adding bilateral talks will continue towards a mutually beneficial deal, Kyodo News Agency reported.
Despite Trump’s decision, which was conveyed to Japan in a letter, Ishiba said the tariff rate is lower than the US president had threatened and opens the way for future bilateral negotiations.
Speaking during a tariff task force meeting, Ishiba said the government will not waver in its defence of national interests in future rounds of talks, pledging to do all it can to mitigate the impact of the imminent tariff hike on the export-oriented Japanese economy.
“We will continue to engage in negotiations with the United States to explore the possibility of reaching a mutually beneficial deal while protecting our national interests,” Ishiba told the meeting.
Bilateral tariff talks, including a face-to-face summit, have not resulted in substantive progress.
While Trump has turned to tariffs to fix what he sees as imbalanced trade, a 25 per cent levy on imported cars has been seen as especially detrimental to Japan, which relies heavily on the likes of Toyota Motor Corp. and Honda Motor Co.
“Unfortunately, we have yet to reach an agreement as there are differences between us. Japan has been avoiding making easy concessions while demanding and protecting what is needed,” Ishiba said.
Ahead of the July 20 House of Councillors election, he has suggested that the bilateral negotiations, mostly conducted by his aide and chief negotiator Ryosei Akazawa, have helped to keep the US tariff rate for Japan “effectively on hold.”
Trump had threatened to impose a tariff of 30 per cent or 35 per cent, upping the ante ahead of the end on Wednesday of a three-month pause on “reciprocal” tariffs.
Ishiba has been urging the United States to focus on what the long-time allies can do together through investment rather than using tariffs to address the US trade deficit with Japan.
The prime minister vowed to do all he can to mitigate the negative impact of the higher US tariff on Japanese industries and jobs.
