On Thursday, Japan's Minister of Economy, Trade and Industry, Yuko Muto, expressed that the Trump administration's latest announcement of a 24% tariff on Japan is "deeply regrettable" and stated that efforts will continue to seek exemption for Japan from these tariffs. Just hours earlier, the newly announced tariffs from the U.S. exceeded many expectations. Muto stressed that the Japanese government will fully respond to this move and assess its potential impact on the domestic economy.
In a statement on Wednesday, President Trump announced that starting next week, the U.S. will impose a comprehensive tariff of up to 24% on Japan, a rate higher than the Japanese government's expectation, exceeding the 20% rate on the EU, and more than double the global baseline tariff of 10%.
Muto pointed out that Japan will continue to consult with the U.S. to seek an exemption from this tariff. He stated that although some countries face higher tariffs, the increase is beyond expectation for Japan. The Japanese government plans to thoroughly review the specific details of the tariff measures to evaluate their potential negative impact on the Japanese economy and take necessary countermeasures.
Despite Japan's commitment over the past few years to increase investment in the U.S. to $1 trillion, the tariff measures from the Trump administration have taken Japan by surprise. Notably, while the U.S. has announced reciprocal tariffs on Japan, Japan has not yet retaliated against the previously announced car tariffs.
Japan's response to the U.S. tariff policy will become a crucial topic in future diplomatic and trade negotiations. As the tariff policy is further implemented, it is expected that the Japanese government will take more measures to address this economic challenge.
