Japan's Minister of Economy, Trade and Industry Yoji Muto. — Reuters
TOKYO: Tokyo has asked US president Donald Trump to exclude Japanese companies from his fresh tariffs on steel and aluminium.
The request was made on Wednesday Japan time, Trade Minister Yoji Muto told reporters, adding that there will be an announcement on the fresh tariff measures being used as grounds for insurance payments if they apply to exports from Japan to the United States.
Finance Minister Katsunobu Kato and Chief Cabinet Secretary Yoshimasa Hayashi also conveyed Tokyo’s vigilance over the matter in separate press conferences, with Hayashi saying the exemption request was made via the embassy in Washington.
The government continues to advise companies about US tariff policies through a consultation service at the Japan External Trade Organisation, according to Muto.
“We will continue to carefully examine the impact on Japanese companies and take necessary measures,” Muto said.
Earlier this week Trump ordered 25% tariffs on all steel and aluminium imports effective from March 12, with no exemptions.
In 2018, Trump imposed duties on steel and aluminium from its biggest trading partners, including the European Union and Japan, citing risks to national security.
During Joe Biden’s administration, the United States and Japan reached a truce that allowed most steel shipments from the Asian nation to flow tariff-free.
In 2024, Japan exported 1.1 million tonnes of steel worth 303 billion yuan (US$2bil) and 74,565 tonnes of non-ferrous metals worth 179 billion yuan, including aluminium to the United States.
They accounted for 1.4% and 0.8% of the total exports to the United States, respectively.
Prime Minister Shigeru Ishiba also broached the tariff issue while testifying in parliament, saying he “would carefully examine the impact of tariffs on Japan and take necessary measures, such as lobbying for exemptions”.
Bank of Japan governor Kazuo Ueda, also speaking in parliament, said it would be hard to assess the potential impact from US economic policies at this point. — Bloomberg
