US Reciprocal Tariffs Take Effect... Japanese Government Says "Impact on Both US and Japan Economies"

Hayashi Yoshimasa Addresses U.S. Tariffs and Trade Friction
Japan to Closely Analyze Impact and Seek Review from the U.S.
Prime Minister Ishiba Orders Comprehensive Response to "National Crisis"

Hayashi Yoshimasa, the newly appointed Chief Cabinet Secretary of Japan, is attending a press conference held at the Prime Minister's Official Residence in Tokyo on December 14, 2023. At a press conference on the morning of the 9th, Chief Cabinet Secretary Hayashi expressed concerns about the United States' tariff policy. Photo by Reuters Yonhap News

As the United States' country-specific reciprocal tariffs took effect at midnight on the 9th, the Japanese government stated that "the broad trade restrictions imposed by the U.S. will have a significant impact on the economic relations between the U.S. and Japan, as well as on the global economy and trade system."

Hayashi Yoshimasa, Chief Cabinet Secretary and spokesperson for the Japanese government, made this remark during a press conference on the morning of the same day when asked about the U.S. reciprocal tariffs and the intensifying global trade friction.

Secretary Hayashi added, "Based on instructions from Prime Minister Ishiba Shigeru yesterday, we will conduct a detailed investigation into the contents of the U.S. tariff measures and thoroughly analyze their impact on Japan." He also stated, "We will strongly demand a review of the tariff measures from the U.S. while taking into account the effects on domestic industries, and we will make every effort to implement necessary measures such as financial support."

Regarding comments made by Jamie Jamison Greer, U.S. Trade Representative (USTR), about the Japanese agricultural market, he said, "I will refrain from commenting on each and every statement." Earlier, Representative Greer appeared at a U.S. Senate hearing on the 8th and said concerning tariff negotiations with Japan, "I feel that we can expand and improve market access for agricultural products." He is known to participate in tariff negotiations with Japan alongside Treasury Secretary Scott Vestent.

Japan has assessed the U.S. tariff measures as a "national crisis" and launched an all-out effort to secure tariff relief, including establishing an intergovernmental task force the previous day. Additionally, Prime Minister Ishiba appointed Akazawa Ryosei, a close aide, as Minister for Economic Revitalization to handle tariff negotiations with the U.S.

Meanwhile, the country-specific reciprocal tariffs announced by the U.S. government took effect at 12:01 a.m. Eastern Time on the 9th (1:01 p.m. Korean time on the 9th).