TOKYO, March 6 (Bernama-Sputnik/RIA Novosti) -- If the United States (US) expands its cars, aluminum, and steel tariffs on Japan, the country's investments in the American economy would become more complicated, Japanese Prime Minister Shigeru Ishiba said on Thursday, reported Sputnik/RIA Novosti.
"If parliamentary activity permits, we want to send the Minister of Economy, Trade, and Industry, Yoji Muto, to the US to have a thorough talk with his counterpart. Japan has invested so much in the US. However, a lot of these funds must be earned inside Japan. Consequently, if high tariffs are adopted, investment in the US will also become complicated. We talked about this at the summit with US President Donald Trump," Ishiba said at the session of the budget committee of the Japanese Parliament when asked what the government would do if Washington applies its 25 per cent tariffs to it.
The prime minister noted that it concerns not only Japan's profits but also Tokyo's investments in the US economy.
"It is about creating jobs in the US and contributing to the expansion of the economy. The government will talk about it logically, visibly, and passionately," Ishiba added.
In February, Trump signed an executive order on the introduction of 25 per cent tariffs on all steel and aluminum imports. He has also said that the US would charge countries reciprocal tariffs and announced his intention to impose tariffs on cars early in April.
More than a third of cars from Japanese manufacturers are exported to the US. In addition, cars from Japanese companies that were produced at factories in Canada and Mexico are exported to the US. In this regard, experts note that if tariffs on products imported to the US are actually introduced, the impact on the Japanese automobile industry will be significant.
-- BERNAMA-SPUTNIK/RIA NOVOSTI
