Japan “won’t compromise” to rush through tariff talks with the US, Prime Minister Shigeru Ishiba told parliament on Monday.
“We do not intend to make one compromise after another to conclude negotiations swiftly,” Ishiba told lawmakers, according to Kyodo News.
The Donald Trump administration has imposed 24% on Japanese imports, particularly hitting sales of cars, steel and aluminum, but is currently attempting to negotiate with Washington as the US president granted a 90-day reprieve to all nations, except China, hit by his wide-ranging tariffs.
Tokyo has repeatedly urged Washington to exempt Japan from the tariffs.
Trump, however, has imposed a base 10% tariff on all nations. Imports from China face 145% tariffs.
“I don’t think retaliatory tariffs would serve our national interests when we are hit by surging energy and food prices,” Ishiba told lawmakers, addressing questions whether Japan will retaliate against Trump’s tariff war.
However, he added that the option of retaliatory tariffs was not off the table.
Japan’s Economic Revitalization Minister Ryosei Akazawa is expected to fly this week to the US for tariff negotiations.
“I will devote myself (in the negotiations) to prioritizing what is most appropriate and effective for Japan’s interests,” Akazawa told the lawmakers.
“As some tariffs have already taken effect, Japanese companies’ profits are being cut day by day,” he reportedly told the parliament. “The sooner (the issue is addressed), the better,” he added.
The leader of the main opposition Constitutional Democratic Party, Yoshihiko Noda, also told the parliament: “There is no doubt that the United States will use (currency issues) as a bargaining chip in the forthcoming negotiations.”
Noda said the Trump administration may push for a weak dollar and “aim for an agreement akin to the Plaza Accord in 1985, when major economies including Japan agreed to help depreciate the US currency.”
According to a Kyodo survey, 84.2% of people believe Trump tariffs would undermine their livelihoods.
Separately, South Korea’s acting President Han Duck-soo Monday said Trump “apparently” had directed his officials to conduct “immediate” tariff negotiations with South Korea, Japan, and India.