Japan expresses concern over Trump’s tariffs and their impact on global trade
Japan's then Chief Cabinet Secretary Katsunobu Kato speaks as he announces a list of cabinet members during a press conference at the prime minister's office in Tokyo on September 16, 2020. (AFP Photo)
Japan has expressed significant concern over the potential global economic repercussions of the sweeping tariffs announced by U.S. President Donald Trump, targeting major trading partners such as Canada, Mexico, and China.
In an appearance on Fuji TV Sunday, Japanese Finance Minister Katsunobu Kato voiced worries about how these tariffs could disrupt global supply chains, spanning industries from energy to automobiles and food.
The tariffs, set to take effect on Tuesday, will impose a 25 percent levy on Canadian and Mexican exports to the U.S. and an additional 10 percent tariff on goods from China, which already face varying rates of duties.
“We’re deeply concerned about how these tariffs could affect the world’s economy,” Kato said, emphasizing the importance of thoroughly assessing the potential impact on both the global market and the foreign exchange market.
Kato further noted that Japan must closely monitor the evolving situation and evaluate the appropriate responses to mitigate any adverse effects.
Trump’s decision to impose these tariffs is primarily driven by his administration’s stance on illegal immigration and drug flows, including fentanyl, into the United States. The U.S. president framed the tariffs as necessary punitive measures against countries he claims have failed to curb these issues.
In response to the tariffs, Canada, Mexico, and China have vowed retaliatory action. Chinese officials have indicated they will implement “corresponding countermeasures” and pursue a formal complaint against the U.S. through the World Trade Organization.
Meanwhile, Mexico plans to impose its own set of retaliatory tariffs, and Canada has announced it will levy a 25 percent tariff on selected U.S. goods worth Can$155 billion (US$106.6 billion).
As global trade dynamics shift in response to these new tariffs, many countries are preparing for an economic ripple effect, leaving the international community closely monitoring the unfolding situation.
