Japanese firms are the biggest investors into the United States but Trump on Thursday announced a hefty 24-percent levy on imports from the close US ally as part of global “reciprocal” levies.
He called however for a “calm-headed” approach to negotiations with Trump's administration, which has also imposed 25-percent tariffs on auto imports which came into force this week.
Ishiba on Thursday told his ministers “to study closely” the tariffs and “to take all measures necessary including financing support” for domestic industries and protecting jobs, government spokesman Yoshimasa Hayashi told reporters.
On Friday, Hayashi repeated that Trump's sweeping new tariffs are “extremely regrettable” and that Japan has “serious concerns” about whether they comply with World Trade Organization rules and US-Japan trade agreements.
'Extremely grave'
“We strongly urge the government to continue its persistent negotiations for the exemption from tariff measures and to take all possible measures to minimise the impact on small and medium-sized enterprises and small businesses... by developing a detailed consultation system and strengthening cash management support,“ the JCCI said Thursday.
The industry has “consistently called for fundamental reform to simplify and ease the burden of automobile-related taxation, (and) we kindly request comprehensive support measures to ensure that Japan's automotive industry can maintain its foundation as a manufacturing base, through the revitalization of the domestic market”, it said.
“We have long believed that becoming an integral part of the US auto industry -- through local investment and job creation -- is the most sustainable path forward for the auto industries of both countries,“ it said.
By comparison, Japan exports 1.49 million cars directly to the United States, while Japanese automakers make 3.3 million cars in America.
Vehicles accounted for around 28 percent of Japan's 21.3 trillion yen ($142 billion) of US-bound exports last year.
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