Japanese Prime Minister Shigeru Ishiba has stated the new US President Donald Trump tariffs on imports from Japan as a 'national crisis'.
He suggested that this crisis could make a big impact not only in the Japanese economy but also on world trade policy. Therefore, he has decided to speak to everyone, irrespective of political party, to address this problem and instructed ministers to take 'all necessary measures'.
Here let us inform you that last week, the Trump administration had given a notice that it was going to impose a 24 percent tariff on products from Japan and a 25 percent tariff on car imports. The action left Japan reeling, especially at a time when Japanese companies had been one of the biggest investors in the US for many years.
In his address to parliament on Friday, Prime Minister Ishiba declared, "This tariff imposition can well be described as a national crisis. From the government's perspective, we are trying in every possible way to underestimate its impact on the nation's economy. It is now our responsibility to settle this calmly and sensibly."
Government spokesman Yoshimasa Hayashi said the prime minister made it clear that cabinet ministers needed to examine the impact of the tariffs and then act accordingly.
He added that the prime minister would hold meetings with the opposition parties so that required support for the budget would be passed in parliament.
To this effect, he also added, "It is very crucial that not just our government but all parties come to the table on this issue. The prime minister has already made up his mind to sit individually with each party leader and listen to what they have to say."
The Japanese government has protested vigorously against the imposition of tariffs, seeing it as against the World Trade Organization (WTO) and the existing US-Japan trade agreement.
Hayashi said categorically, "We find this tariff measure extremely regrettable. It not only goes against international trade policy, but also questions our long-standing alliance."
The effect of this economic crisis has directly affected the Japanese stock market.
Experts say that the current situation could have a profound impact not only on trade relations between Japan and the United States, but also on the future of the global trading system.
