Isba agreed on Monday to continue discussing tariffs with Trump, but urged the president to back down his plans, saying high taxes could discourage foreign investment in the United States. Trump vowed that his tariffs would encourage businesses to move manufacturing to America.
“I have expressed my strong concern that tariff measures will reduce the investment capabilities of Japanese companies,” Isba told reporters in Tokyo after a call with Trump. “Japan urges the United States to reconsider its measures. We believe Japan can overcome this situation, which is similar to a national crisis.”
Isba convened a meeting of all Cabinet Ministers on Tuesday to discuss tariff responses, saying the US and Japan agreed to name officials for further negotiations. Trump also refused to reveal their names.
Annoyed world leaders struggled to find a way to persuade Trump to climb out of his move. Many economists warn that if tariffs are fully enacted, the global economy could fall into a recession.
Director of White House National Economic Council, Kevin Hassett, said this Sunday that more than 50 countries had contacted Trump and began negotiations over the charges. Israeli Prime Minister Benjamin Netanyahu will discuss the issue later Monday at a White House meeting with Trump.
Trump has made many comments that made foreign leaders wonder what concessions he thinks he’s acceptable, or even if he wants to cut back on the deal at all. The president said on Sunday that the contract should eliminate the bilateral trade deficit, a tall job for many trading partners.
“For me, the deficit is a loss,” Trump told Air Force reporters. “We either have surplus or at worst we’ll break.”
