Japan PM vows to help domestic companies with U.S. tariff hike

Tokyo [Japan], April 2: Japanese Prime Minister Shigeru Ishiba pledged Tuesday to provide financing and procurement support to domestic companies in response to additional U.S. tariffs on automobiles.
During a press conference, Ishiba said that if the United States implements a 25 percent tariff on car imports, the government will set up designated consultation offices in about 1,000 locations across Japan to meet the funding needs of affected companies.
"Japan is the largest investor in the U.S.," Ishiba said, noting his government will continue urging the U.S. to exempt export-reliant Japan from additional tariffs on automobiles and other products.
The press conference was held a day after the Diet, Japan's parliament, enacted a 115.20 trillion yen (about 770 billion U.S. dollars) state budget for fiscal 2025 starting Tuesday.
Ishiba also promised measures to help people cope with rising prices of rice, gasoline and other everyday goods, though he remained hesitant about cutting the consumption tax rate on food.
Ishiba expressed his intention to draw up effective measures by May to raise the country's minimum wages and compile a plan the same month to promote labor-saving investments to improve productivity at small service providers.
Source: Xinhua