The leader of Japan’s biggest business group voiced worries on Wednesday about declining corporate confidence domestically, as concerns grow that U.S. President Donald Trump’s increases in tariffs might lead to a worldwide economic slump.
” numerous individuals spanning various sectors experience greater worry over the downturn in spending and investments caused by uncertainties, as opposed to being directly affected by U.S. tariff measures,” stated Masakazu Tokura, who leads the Japan Business Federation, also known as Keidanren, during a routine press briefing.
He also mentioned that the tariffs have had a notably severe impact on local businesses within the automotive, steel, and aluminum industries.
As Japan has attempted to secure exemptions from the Trump administration, the United States has declined to provide such relief, stating that only the nation-specific part of what’s referred to as reciprocal duties will be open for negotiation.
Tokura stated that Prime Minister Shigeru Ishiba’s administration should “strive to abolish all tariffs at the earliest opportunity” using an approach he described as “cautious urgency.” He encouraged them to persistently engage in talks with the United States on this matter.
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