US tariffs 'severely impacting' Japanese firms, including automakers: Premier

ISTANBUL

Japan's Prime Minister Shigeru Ishiba has said that US tariffs are “severely impacting” Japanese firms, including automakers, Kyodo News reported.

Ishiba’s remarks came a day after his meeting with US President Donald Trump in Canada on the sidelines of the G7 summit, with no end result pact on tariffs.

Ishiba told a press conference that the US tariffs targeting multiple sectors could have a "serious impact on the global economy both directly and indirectly."

He emphasized once again that he would not hurry into making a deal with Washington if it meant compromising his country's interests, noting that the bilateral talks will continue.

"We agreed to instruct ministers to continue with negotiations," Ishiba said. "We will never sacrifice our national interests just because we aim for a quick agreement."

Ministerial-level talks have been held several times to boost trade, ease nontariff barriers, and enhance economic and security cooperation between the two allies.

Ishiba said he is planning to visit the Netherlands from June 24 to attend The Hague NATO summit in hopes of conducting another meeting with the US president for reaching a deal.

Japan’s automobile industry faces 25% tariffs. Japan also faces a 24% "reciprocal" tariff rate starting on July 9 unless it can negotiate a deal with Washington.

Japan also recorded a trade deficit of 637.61 billion yen ($4.38 billion) in May, as auto-related exports to the US dropped sharply, due to tariffs introduced by Trump, according to the Mainichi citing government data.