Japanese Prime Minister Shigeru Ishiba said Friday that tariffs imposed on Japanese goods by the U.S. administration are a "national crisis."
Speaking in a parliamentary session, Ishiba said the slap of a 24-percent levy on Japanese imports "can be called a national crisis and the government is doing its best with all parties."
On Thursday, Ishiba told reporters that U.S. President Donald Trump's announcement to impose the "reciprocal tariffs" is extremely regrettable and disappointing despite calls from Tokyo at various levels not to take the unilateral measure.
The prime minister argued that his export-oriented country has been the world's largest investor in the U.S. since 2019, noting Japanese carmakers have made direct investments worth about 418 million U.S. dollars and created 2.3 million jobs in the United States.
Ishiba said that U.S. tariff hikes will have a significant impact not only on bilateral economic relations, but also on the global economy and the multilateral trade system.
He said he is seriously concerned about whether the tariff plan is consistent with World Trade Organization rules and the Japan-U.S. trade agreement.
Ishiba signaled that the government will closely examine how domestic industries will be impacted and provide full-fledged assistance measures.
(Source: Xinhua)
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