Yen decline, difficult alliance: Japan’s facing repercussions as US imposes new tariff rates
Japan is taking an unprecedented form of pressure or rather experiencing it and now the figure of 25% has come out but if we really accept this I feel that exports themselves will probably taper off and I can see to some extent that the economy of various people or rather the economy of the world will become uneasy and painful. Now that these numbers have come out as a result, what have been the negotiations up until now? I honestly think results are everything. So I think the process of getting there is certainly hard work, but I think everyone including me wants them to do something about it at the end to deal with Iran which they have to give up. Progress has also been seen in discussions after repeated discussions with the US side. We have also received suggestions from the US side to the effect that depending on the response of the Japanese side, they would like to review the contents of the jurisdiction and promptly proceed with discussions with the Japanese side for the new August 1st deadline as something that can be easily reviewed. As for Japan, of course, we are currently negotiating between Japan and the US, but I think it would be very effective to drag America into negotiations by working together with countries a little more like Korea or China, for example.
As US President Trump has announced on July 7 about the imposition of 25% tariff rate starting this august to their trade partners, residents of Tokyo has expressed their concerns on potential economic repercussions. One of the residents, Yuki Furuhashi said, “I think this is the result of negotiations, and considering our alliance (with the U.S.), I suppose it’s quite a difficult situation.”
The latest tariff announcement has also seen a broad decline in value of Yen, as near term interest rate hike is expected. Though after the cabinet meeting held last Tuesday, Japan Prime Minister Shigeru Ishiba assured that he would continue negotiating with U.S. for a mutually beneficial trade deal.
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2 Comments
Japan should sell US bonds.
Japanese products are expensive regardless of tariffs