TOKYO - Japanese business leaders voiced concern over new additional tariffs imposed by the administration of U.S. President Donald Trump, warning that the measures could damage global manufacturing and undermine free trade.
The concerns were raised during the Japan Business Federation's two-day summer forum, which concluded on July 24.
Eiji Hashimoto, chairman of Nippon Steel, said the tariffs would have serious consequences for manufacturers worldwide. "At the very least, this is a major blow to manufacturing and to the world's manufacturing industry," he said. "We are trying to contribute to the revival of American manufacturing, so imposing further taxes on us seems somewhat unreasonable."
Hashimoto, whose company acquired U.S. Steel last year, expressed strong concern about the additional tariffs and said he hoped attitudes within the United States would change.
Other executives attending the forum also warned that threats to free trade could have a negative impact on the global economy.
Keidanren, formally known as the Japan Business Federation, issued a document summarizing the two days of discussions.
The federation set a target of expanding annual domestic capital investment to 250 trillion yen by fiscal 2040. It also pledged to strengthen supply chains within Japan, including by encouraging companies to bring production back to the country, aligning its policy direction with the government's economic growth strategy.
Source: TBS
