Japan’s Prime Minister Shigeru Ishiba on Monday told US President Donald Trump that additional 24% tariffs imposed on Tokyo by Washington could weaken Japanese investments in the US.
Ishiba made the remarks during a 25-minute phone conversation with Trump, according to a statement released by the Prime Minister’s Office.
The two leaders agreed to strengthen relations between their countries and collaborate to promote a free and open Indo-Pacific, building on the outcomes of the Japan-US Summit Meeting in February, it said.
“Japan has been the world’s largest investor in the US for five consecutive years,” the prime minister said, emphasizing that “the tariff measures by the US could weaken investment capacity among Japanese companies.”
Ishiba said that the two nations “should pursue ways to promote broader cooperation that benefits both Japan and the United States in a mutual manner, including enhancement of investment, rather than imposing tariffs,” calling for a reevaluation of the tariffs.
The two leaders confirmed that they will maintain open and constructive discussions.
Earlier, Ishiba also said that Japan was “not doing anything unfair,” referring to the tariffs, reiterating his willingness to meet with Trump to solve the tariff crisis, which has wreaked havoc in Asian markets.
The Trump administration imposed additional tariffs on allies and rivals, alike, with US officials claiming more than 50 nations had approached Washington to negotiate trade deals.