The world is at the” crossroads” of whether free trade can be maintained, according to the Japan Business Federation ( Keidanren ) on Monday.
Since the end of World War II, the free business structure and free trade have helped the world prosper. The US is the engine that is driving this program, according to president Masakazu Tokura at a press conference.
According to Tokura,” the US itself has ( now ) raised tariffs, and protectionist measures have developed in response to these moves.”
We feel the necessity of having to decide whether or not the free business program may be maintained, he said in a extraordinary method.
Trump has also imposed 25 % levies on cars entering the US in addition to the 24 % tax on Chinese imports that will go into effect this year.
The automobile industry, which employs approximately 5.6 million individuals either directly or indirectly, constitutes the fourth-largest market in Japan.
Last year, vehicles made up about 28 % of Japan’s US$ 21.3 trillion ( US$$ 114 billion ) of exports to the US.