Japan Braces for Trade War: PM Ishiba Vows to Defend National Interests in US Tariff Talks
Tokyo, Japan – As the G7 Summit looms, Japanese Prime Minister Shigeru Ishiba has signaled a firm stance against yielding to US pressure on tariff negotiations, prioritizing Japan’s national interests over a quick deal. The commitment came during a rare meeting of ruling and opposition party leaders in the Diet today, convened to address what many are calling a potential “national crisis” sparked by impending US tariffs.
The US government recently announced plans to impose a 10% basic tax and a 24% additional tariff on imports from Japan,prompting a unified call for bipartisan action. Prime Minister Ishiba, addressing reporters after the meeting, stated, “It is indeed critically important to realize an agreement that is beneficial to both Japan and the United States, and we will not prioritize early agreements which will not undermine Japan’s national interests.”
Key Discussion Points:
No rush for a Deal: Ishiba made it clear that Japan won’t be rushed into an agreement that compromises its economic well-being.
significant Gap Remains: Opposition leader Seiji Maehara of the Japan Restoration Party revealed a stark assessment from the Prime Minister: a “significant gap” exists between Japan and the US positions, with no clear timeline for resolution.
UK as a cautionary Tale: Maehara urged Japan to seek “realistic settlements,” referencing the UK’s agreement to lower tariff rates with the US, rather than attempting to abolish them entirely. Ishiba acknowledged the UK case as potentially helpful.
US Treasury Bonds as Leverage? Discussions also centered on Japan’s considerable holdings of US Treasury bonds. Democratic Party for the People leader Yuichiro Tamaki proposed reinvesting maturing bonds into longer-term securities to help stabilize interest rates, a strategy Ishiba confirmed is under discussion with the US.
Agricultural Adaptability: Constitutional Democratic Party leader Yoshihiko Noda reported the Prime Minister indicated a willingness to import corn for ethanol production while protecting other agricultural products.
trump’s Deadline Looms
The urgency of the situation is heightened by President Trump’s impending declaration of final tariff rates within the next 1.5 to 2 weeks, delivered via letter to affected countries. Treasury Secretary Bescent has hinted at a possible further extension of the 90-day tariff implementation period for nations actively negotiating with the US.
What’s Next?
Prime Minister Ishiba is scheduled to meet with President Trump on the sidelines of the G7 Summit in Canada. While the timing remains uncertain,both sides appear to be signaling a willingness to continue dialog. Though, Ishiba’s firm stance suggests Japan is prepared to defend its economic interests, even in the face of escalating trade tensions.
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