During a meeting with the tariff task force on Tuesday, the Prime Minister said that Japan will continue bilateral talks with the US to reach a mutually beneficial trade agreement.
He added that the government will not hesitate to defend national interests in future rounds of talks, pledging to do everything in its power to mitigate the impact of the impending tariff increase on Japan’s export-dependent economy.
This comes as President Trump announced a 25% tariff on imports from Japan and South Korea effective August 1, unless the two countries conclude new trade agreements with the US by the specified date.
Trump added that the US will impose tariffs of 32% on all imports from Indonesia, 30% on imports from Bosnia, 35% on imports from Bangladesh and Serbia, 36% on all Cambodian and Thai products, and 25% on imports from Tunisia, effective August 1.
The US will also impose a 25% tariff on all imports from Kazakhstan and Malaysia, a 30% tariff on products from South Africa, and a 40% tariff on all imports from Laos and Myanmar, effective August 1.