Japan, a long-time U.S. ally, has been hit with 24% levies on its exports to the United States though these tariffs have, like most of Trump’s sweeping “reciprocal” tariffs, been paused for 90 days.
The two countries will begin trade talks on Thursday in Washington that are expected to cover tariffs, non-tariff barriers and exchange rates.
“In negotiating with the United States, we need to understand what’s behind Trump’s argument both in terms of the logic and the emotional elements behind his views,“ Ishiba said, noting that U.S. tariffs have the potential to disrupt the global economic order.
“U.S. tariffs will likely put downward pressure on the global and Japanese economies through various channels,“ Ueda told the same parliament session.
The slow pace at which the Bank of Japan is raising borrowing costs from ultra-low levels could also come under fire in the talks, sources have previously said.
“Both countries share the view that excessive market volatility would have adverse effects on the economy,“ Kato said.
Akira Otani, a former top central bank economist who is currently managing director at Goldman Sachs Japan, said the BOJ could consider halting interest rate hikes if the yen were to approach 130 to the dollar.
The dollar fell 0.62% to 142.62 yen on Monday.
Ruling and opposition party lawmakers have escalated calls for the government to cut tax or offer cash payouts to cushion the economic blow from rising living costs and Trump’s tariffs.
Ishiba said the government is not thinking of issuing a supplementary budget now, but stood ready to act in a timely fashion to cushion any economic blow.
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