TOKYO: Japanese Prime Minister Shigeru Ishiba said the Trump administration’s 25 per cent tariff on US car imports will have a "very big” impact on the nation’s economy, pledging to take thorough measures to protect local jobs.
Ishiba emphasised the need to consider measures to help Japanese companies with financing while the government tries to grasp the entire scope of the impact on the nation’s key industry.
"I recognise that the impact that this will have on the economy will be very big,” Ishiba said in parliament on Friday (March 28). "We also need to consider cash-flow measures for companies. We will take all possible measures so that this won’t affect domestic industries or employment.”
The prime minister spoke for two days in a row about the car tariffs. US President Donald Trump announced the fresh tariff will go into effect at 12:01 a.m. Washington time on April 3, initially targeting fully assembled vehicles. By May 3, the scope will expand to include major automobile parts, according to the proclamation. - Bloomberg
