Japan, South Korea scramble
Digest more
Japanese Prime Minister Shigeru Ishiba said on Thursday his country needed to wean itself from U.S. dependence in such key areas as security, food and energy, as Tokyo faces the prospect of new U.S. tariffs in three weeks.
Anxiety over U.S. tariffs has been spreading across Japan, a central bank report shows, sending a worrying signal about the corporate outlook as trade uncertainty deepens.
The Japanese government announced Tuesday it plans to negotiate with the Trump administration over a planned increase in the tariff rate placed on it, even if it was painful news to receive.
Japan is seeking talks between tariff negotiator Ryosei Akazawa and U.S. Treasury Secretary Scott Bessent when the U.S. official visits Japan for the World Expo next week, Yomiuri newspaper reported on Thursday citing Japanese government sources.
Japanese Prime Minister Shigeru Ishiba called the announcement of slightly higher US tariffs “truly regrettable” while he vowed to continue to protect his nation’s interests in the extended trade negotiations.
Explore more
Japanese Prime Minister Shigeru Ishiba on Tuesday said US-imposed tariffs on Japanese imports would have an impact on the country, but added that negotiations would continue.
Trump shared screenshots of letters detailing new tariff rates for over a dozen countries, allowing room for further negotiations before the renewed deadline of Aug. 1.
Japan’s exports edged up in the first 20 days of June ahead of the Trump administration’s scheduled imposition of higher tariffs as US policy continues to impact trade flows.
The move raises concerns over companies’ profitability and whether they can continue to keep raising wages at home.