Japanese Prime Minister Shigeru Ishiba declared his intention to visit the United States promptly to propose an extensive arrangement with President Donald Trump regarding tariffs. Ishiba emphasized in a parliamentary speech his determination to convince Trump to abandon the planned 24% tariff on Japanese imports, starting with a phone conversation with the president. He stressed the importance of demonstrating Japan's fair trade practices.
Ishiba also mentioned that Japan's strategy to address the tariff issue might involve discussions on a variety of sectors like liquefied natural gas, automobiles, agriculture, and national security. He expressed willingness to present a comprehensive proposal during negotiations with the US, indicating that it may take time but is crucial for achieving success. Despite previous pledges made during a summit with Trump to increase purchases of LNG and invest $1 trillion in the US, Japan is still facing significant challenges amidst the ongoing tariff tensions.
The trade dispute's impacts are affecting Ishiba's public image as his approval rating has dropped to its lowest since taking office as prime minister. He has faced criticism for not finding a resolution to the tariff crisis, with a majority of the public calling for retaliation against the US. The uncertainty surrounding global trade tensions has led to fluctuations in the Japanese stock market, with concerns about the trade war influencing investment decisions.