Japan to urge US for tariff cut but no results 'overnight', says PM Ishiba

Japanese Prime Minister Shigeru Ishiba said on Monday the government will continue to ask US President Donald Trump to lower tariffs against Japan, but acknowledged results "won't come overnight." "As such, the government must take all available means" to cushion the economic blow from US tariffs, such as offering funding support for domestic firms and taking measures to protect jobs, Ishiba told parliament. 

Ishiba said Trump's decision to slap tariffs on imports from Japan was "extremely disappointing and regrettable," adding that Japan will continue to explain that it had done nothing unfair to the United States. 

Ishiba also said he was willing to visit the United States for a meeting with Trump as soon as possible. "But in doing so, we must ready a package of steps on what Japan could do," he added. 

Trump's decision to slap a 25 per cent levy on auto imports, and a reciprocal 24 per cent tariff on other Japanese goods, is expected to deal a huge blow to Japan's export-heavy economy with analysts predicting the higher duties could knock up to 0.8 per cent off economic growth. 

Fears of a global recession have also led to steep declines in stock prices worldwide including Japan's Nikkei share average, which tumbled nearly 9 per cent early on Monday. 

Ishiba summoned key economic ministers, including Finance Minister Katsunobu Kato, Sunday evening and instructed them to be vigilant and "respond appropriately" to market developments, according to Japan's Nikkei newspaper. 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)