Tokyo, July 8: Japanese Prime Minister Shigeru Ishiba on Tuesday said that US President Donald Trump’s decision to impose a 25 per cent tariff on Japan is “truly regrettable,” noting bilateral negotiations will continue toward a mutually beneficial deal.
At a tariff task force meeting, Ishiba said the government will not waver in its defence of national interests in future rounds of trade 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. Ishiba also said the lack of progress in reaching a trade deal was because “the government has avoided making hasty compromises while demanding and protecting what is needed.”
The United States will impose 25 per cent tariffs on imports from Japan, beginning August 1, Trump said on Monday, while warning that any increases to the tariffs on US goods will be met with an equivalent tariff hike by his administration. The new levy, which is just slightly higher than the 24 per cent “reciprocal” tariff announced on April 2, will be imposed separately from sectoral tariffs currently in place, which include a 25 per cent duty on vehicles and auto parts and 50 per cent duties on steel and aluminium.
Trump announced the new tariff rate in a letter to Ishiba released on social media. Trump also announced new tariff rates for 13 other countries on the same day, including 25 per cent for South Korea, 30 per cent for South Africa, 35 per cent for Serbia and Bangladesh, 36 per cent for Thailand and Cambodia, and 40 per cent for Myanmar and Laos.
Earlier on July 7, US President Donald Trump started sending out tariff letters to countries, saying he would impose a 25 per cent tariff on goods from Japan and South Korea from August 1. The US President announced the decision on his social media platform, Truth Social, where he posted copies of the letters.
The letters warned Japan and South Korea not to retaliate by increasing their own import taxes, or else the US administration would increase import taxes. “If for any reason you decide to raise your tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge,” Trump said in letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.
IANS