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The turmoil caused by the imposition of tariff measures by U.S. President Donald Trump is spreading around the world.
When countries are working to soften the blow to their own economies, it is unacceptable for the leader of one of such countries to be floundering.
At a meeting of the House of Councillors Audit Committee, Prime Minister Shigeru Ishiba expressed his dissatisfaction with the U.S. tariff policy, saying, “It is extremely undesirable and extremely regrettable.” He also stressed the importance of ascertaining “what the United States wants from Japan.”
Trump had already emphasized during the U.S. presidential election campaign last year that he intends to impose tariffs on the whole world. Only now that Trump has put his pledge into action is Ishiba trying to discover U.S. intentions — a situation that invites suspicion over his ability to run the government.
During telephone talks with Trump on Monday night, the prime minister explained that Japan is the largest investor in the United States, adding that he was concerned that the new tariff measures would reduce the willingness of Japanese companies to invest.
Ishiba also said that he agreed with Trump to continue discussions on the issue by appointing cabinet members from both Japan and the United States. The prime minister also expressed his eagerness to visit the United States to meet with Trump in person.
Given the fact that it was Trump himself who twisted the rules of free trade, it is highly likely that negotiations will find rough going. It is important for the prime minister to carefully formulate a strategy by listening to information from industries that will be affected by the tariffs before meeting with Trump in person.
Countries around the world are also forced to respond to the tariff measures.
The leaders of the United Kingdom and France confirmed in telephone talks that they will coordinate closely when they hold talks with Trump over tariffs. The Vietnamese leader telephoned Trump and reportedly agreed to start tariff negotiations.
The United States plans to impose tariffs on the members of the Association of Southeast Asian Nations at higher rates than other regions. Japan should make use of its good relationship with ASEAN and present a stance of solidarity with the group.
There are also many in Japan expressing concerns about the future of the economy. On Monday, the Nikkei Stock Average on the Tokyo Stock Exchange closed more than 2,600 points lower than the previous business day. The index had fallen by nearly 4,600 points since just before the announcement of the reciprocal tariffs.
Upsets in the financial markets should not be allowed to lead to a deterioration in the real economy. Economic measures should also be examined while assessing the circumstances.
In the medium to long term, it is essential to come up with new initiatives to firmly maintain the free trade system. While aiming at increasing the number of members of the Trans-Pacific Partnership free trade framework, it is necessary to expand the range of items for which tariffs are eliminated and to build strong and diverse supply chains.
