Shigeru Ishiba, the prime minister of Japan, reiterated on Sunday ( May 11 ) that he will work with the United States to eliminate all tariffs.
Ishiba stated on a Fuji Television day program that “discussions have eventually come up” and that Tokyo’s connection with US President Donald Trump is” unexpectedly good.”
Ishiba claimed that Washington’s proposed trade deal with London, which lowers exorbitant duties on European car export while preserving a tenth of a percent price, was “one type” for trade agreements, but that” we should aim for 0 per cent tariffs.”
Ishiba continued,” for the sake of the American market as well, don’t those tariffs been lowered, saying that great car import levies may make cars more expensive for US consumers.”
Trump stated on Friday that even after business agreements are concluded, the US will still impose a 1 % tax on imports, adding that there might be exceptions if nations offer significant business terms.
Japan now imposes a 25 % levy on imports of highly important automobiles to the US and a bilateral 24 % tariff on other Japanese goods.
Ishiba claimed that the government needs to consider a potential decrease in the consumption tax in order to support the local economy.
What happens to the government’s budget if the consumption tax is immediately reduced? he said.
If there aren’t other ways to help those who are genuinely in want, we must consider that.