Japanese Trade Minister Yoji Muto said that negotiations with U.S. officials did not lead to securing exemptions from tariffs set to take effect on Wednesday. File Photo by John Angelillo/UPI |
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March 11 (UPI) — Japanese Trade Minister Yoji Muto said he was unable to ensure exemptions from planned U.S. tariffs on Japanese exports.
The tariffs that Muto hoped to avert in meetings with U.S. officials on Monday include a 25% levy on all Japanese steel and aluminum imports scheduled to kick in Wednesday. U.S. President Donald Trump‘s tariff plans also included targeting industrial sectors such as pharmaceuticals and semiconductors, as well as a 25% tariff on Japanese cars come April 2. Automobiles make up around 30% of Japan’s exports to the U.S., and such a levy could seriously impact the Japanese economy.
Muto said that Tokyo will keep trying to protect Japanese companies from the tariffs proposed by the Trump administration. During a press conference, Muto said that “based on the latest discussions, we will be in close consultation on how we can make the national interests of Japan and the United States a win-win situation.”
He also dismissed the question of whether the Nippon Steel Corp’s blocked $14.1 billion bid to take over United States Steel Corp. entered the discussion, saying that while he chose to refrain from going into details, he believes that “the concerned private-sector parties will advance their coordination on a specific plan.”
Muto took part in meetings with key figures involved in designing Trump’s tariffs, including U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, and said he has since gained some understanding regarding how important Japan is to the American economy.
Muto furthermore said he and the U.S. officials with whom he met agreed to work toward improving bilateral economic ties even though no tariff deal was cemented, during which he emphasized how Japanese firms have and continue to invest in the United States.
