Japan asks for exemption from Trump's reciprocal tariffs

"We have conveyed (to the US side) that the latest measure is extremely regrettable and strongly urged (the US government) to reconsider the measure," Hayashi told a press conference after US President Donald Trump announced reciprocal tariffs on Wednesday, including a 24 % levy on imports from Japan.

Prime Minister Shigeru Ishiba has instructed related ministers to assess the impact of the tariffs and take all possible measures, including financial support for domestic companies. "We have serious concerns about (the tariffs') consistency with World Trade Organization agreements and the Japan-U.S. trade agreement," Ishiba told reporters.

The prime minister stressed that he may travel to the United States and directly meet with Trump to seek an exemption from the tariffs, saying, "I will not hesitate to make approaches at the best time in the best manner."

Trade minister Yoji Muto suggested at a press conference that Japan may retaliate against the US tariffs, saying, "We have to think about what will serve Japan's national interests and what will be the most effective option."

Ahead of Trump's tariff announcement, Muto had an online meeting with US Commerce Secretary Howard Lutnick and said that tariffs would also have a negative impact on the US economy by reducing the capacity of Japanese companies to invest in the United States.

At a meeting of his ministry's response headquarters the same day, Muto said that the government will ease the lending conditions for the state-backed Japan Finance Corp.'s Safety-net Loans for small businesses.

He also said Tokyo will provide insurance coverage for loans to Japanese firms' foreign subsidiaries through the Nippon Export and Investment Insurance, which is fully funded by the government.

Meanwhile, agriculture minister Taku Eto told reporters that Trump's claim that Japan's rice tariffs are as high as 700 % is not based on logical calculations and is "incomprehensible."

Eto explained that Japan has a tariff-free minimum access quota for rice imports and imposes a tariff of 341 yen per kilogram of polished rice outside the quota.

[Copyright The Jiji Press, Ltd.]

Photo by Reuters