Tokyo: Japanese Prime Minister Shigeru Ishiba has instructed Cabinet ministers to implement strategies that will minimize the repercussions of the recent trade agreement with the United States.
According to Kuwait News Agency, Prime Minister Ishiba emphasized during a government task force meeting, which was attended by all Cabinet members, that the agreement reached with US President Donald Trump was designed to serve the national interests of both nations. The trade deal, finalized on Tuesday, establishes a 15 percent tariff rate on all Japanese exports to the US, including automobiles. This is a reduction from the 25 percent rate initially proposed by President Trump.
Under the terms of the agreement, Japan is set to invest USD 550 billion in the US and will also increase its import of American rice as part of the minimum access framework. Ishiba highlighted the importance of the next steps, noting the broader spectrum of goods exported to the US and the necessity of effectively implementing the trade deal. He assured that the government would make every effort to limit the impact on domestic industries and employment.
Furthermore, the Prime Minister instructed the ministers to assess the potential effects of the tariffs. He called for financial support to be provided to small and medium-sized enterprises and small businesses, alongside careful management of the agreement's implementation progress.