Prime Minister Shigeru Ishiba will meet Friday with opposition leaders to discuss responses to US tariffs following a report that the Japanese government is considering compiling an extra budget to fund relief measures for businesses and households.The rare gathering, confirmed by a government spokesman and usually reserved for major natural disasters, reflects a sense of crisis a day after US President Donald Trump announced a 24% tariff on Japanese imports. Japan is also reeling from a 25% tariff imposed on autos imported into the US.
Earlier Friday, a ruling Liberal Democratic Party group met to discuss how the government could respond to the tariffs. Some lawmakers and representatives from automakers who attended the meeting said they wanted the government to continue negotiations with the US for exemptions, according to LDP lawmaker Yohei Matsumoto.
A few attendees said that Japan shouldn’t impose retaliatory tariffs, but discussions mainly focused on how to protect Japanese industries and jobs, Matsumoto said.“These tariffs are deplorable, given the impact not just on Japan’s economy but the global economy, too,” said the head of the group, LDP Policy Chief Itsunori Onodera, at the opening of the meeting.The Asahi newspaper reported Friday that Japan will draft economic measures to help businesses and households weather the impact of US tariffs. If significant funding for economic measures is necessary, Ishiba is expected to instruct officials to draw up an extra budget by the end of the month, the report said.So far, Japan has focused on how it might support businesses that will suffer from the tariffs. The government has said it plans to set up about 1,000 consultation centers for concerned companies and bring in loan support.The trade tensions between Japan and the US, two security allies, reflect Trump’s persistent discontent over the gaping trade deficit the US has with other nations including Japan. Japan’s trade surplus with the US in 2024 stood at ¥8.6 trillion ($58.2 billion), the fifth largest on record and way above average levels during Trump’s first term.
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