Donald Trump said he would consider imposing tariffs on Japanese exports if the US trade deficit with the Asian country was not eliminated and pledged to unveil “reciprocal” tariffs on other nations next week.
Speaking at the White House alongside Japanese prime minister Shigeru Ishiba, the president warned that tariffs were an option to tackle the trade deficit with Japan, the most important US ally in the Indo-Pacific.
Mr Trump said Washington and Tokyo would work together to cut the trade deficit, saying “they want fairness also”.
From Kerrygold butter to tech: What will US tariffs mean for Ireland?
Asked by reporters as he sat beside Ishiba in the Oval Office if he would seek further concessions from Tokyo, Mr Trump said: “I think it will be very easy for Japan. We have a fantastic relationship. I don’t think we’ll have any problem whatsoever.”
Evanne Ní Chuilinn resigns from RTÉ upon nomination as Fine Gael Senator
‘When faced with the ugliness of Dublin, it’s hard not to worry about tourists thinking they’ve been sold a pup’
Ireland among 79 states united in condemning Trump sanctions on International Criminal Court
Donald Trump’s first 16 days: Pardons, 956 immigration arrests and everything he’s done so far
In 2024, the deficit in goods with Japan was $68 billion, compared with $55 billion in 2020 before the end of his first term.
The comments about new tariffs marked another escalation in Mr Trump’s rhetoric, and brings the US closer to the brink of a multi-front trade war with some of its closest trading partners and security allies.
Trump also said that he had also not changed his mind about opposing Nippon Steel’s proposed $15 billion acquisition of US Steel. The companies are suing the US government after the Biden administration blocked the deal in January.
The US president also said he would unveil “reciprocal tariffs” on unnamed countries next week, in a hint at the universal levies he has vowed to slap on imports into the US.
“I’ll be announcing that next week, reciprocal trade, so that we’re treated evenly with other countries,” Mr Trump told reporters in the Oval Office on Friday. During the presidential campaign last year, he warned repeatedly that he would impose a universal tariff on imports into the US.
Earlier this week Mr Trump suspended until March 1 his plan to impose steep tariffs on Mexico and Canada, the US’s two largest trading partners, but proceeded with a 10 per cent levy on imports from China. Beijing responded with retaliatory tariffs that will take effect this weekend. – Copyright The Financial Times
- Sign up for push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Listen to our Inside Politics podcast for the best political chat and analysis
