Majority of Japanese firms think US tariffs will hurt earnings
A poll finds that more than half of Japanese companies believe US tariffs will hurt their earnings.
Tokyo Shoko Research conducted the online survey this month of 7,113 businesses.
Among respondents, 57.6 percent expect a negative impact from the new tariffs announced by the Trump administration earlier this year. Of the total, 11.8 percent said the damage could be serious.
Those who see no effects on their earnings are 38.3 percent.
The research firm said steelmakers and manufacturers of tires and other rubber items are particularly worried.
Fully, 5,808 firms responded to a survey question on whether they think the tariffs will affect wage hikes for the next business year. Of these, about 30 percent believe there will be effects.
The employers said they may have to forgo or reduce hikes in base pay, bonuses or even regular wages.
Tokyo Shoko Research notes that even Japanese companies that do that not trade directly with the US could feel some pain. These tend to be small and mid-sized firms that support the auto and steel sectors.
The polling firm is urging the government to come up with support measures for affected businesses.
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