PM Ishiba says Japan Inc. suffering under Trump tariffs
Japanese Prime Minister Shigeru Ishiba said Tuesday that U.S. tariffs are already severely impacting many Japanese firms, including automakers, but reiterated that he will not rush to reach a deal with Washington at the expense of undermining his nation's interests.
Speaking at a press conference wrapping up his visit to Canada for the Group of Seven summit, Ishiba said the tariff measures targeting various sectors could have a "serious impact on the global economy both directly and indirectly."
Ishiba made the remarks a day after he and Trump failed to agree on what the Japanese leader has called a "package deal" for the mutual benefit of the longtime allies. They ended their talks without having made tangible progress, with Ishiba saying hurdles remain.
"We agreed to instruct ministers to continue with negotiations," Ishiba said. "We will never sacrifice our national interests just because we aim for a quick agreement."
Bilateral negotiations have been held multiple times at the ministerial level, covering points such as boosting trade, addressing nontariff measures and expanding cooperation in economic security.
After Monday's summit, the focus shifts to when the next in-person encounter may be. Ishiba said he plans to visit the Netherlands from June 24 to 26 to attend a NATO summit.
Japan is not a NATO member but has been deepening ties with the military alliance, of which the United States is a member.
The escalating conflict between Israel and Iran dominated the two-day G7 summit due to its ramifications for the wider Middle East region, home to major oil producers that supply Japan and many other nations.
"We will continue to monitor how crude oil and gasoline prices move with a strong sense of urgency," Ishiba said.
"I've already instructed officials to consider measures to prevent people's daily lives from being affected in preparation for the possibility that the confusion in the Middle East continues and prices of gasoline and oil products spike," he added.
Related coverage:
Japan, U.S. fail to reach tariff deal at Ishiba-Trump summit
Trump says he sees chance of trade deal with "tough" Japan
G7 leaders agree to expand critical minerals cooperation
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