INTERNATIONAL
Japan, Belgium voice concerns over US tariff measures
A woman looks at items at a shop in Tokyo, Japan. - REUTERS
LEADERS from Japan and Belgium have raised alarms about the economic impact of potential U.S. tariff measures, with both nations pledging to protect domestic industries.
AI Brief
- Japan says US tariffs are hurting small businesses and plans to subsidise energy costs and support SMEs.
- Tokyo and Washington will hold a fourth round of tariff talks, with Japan pushing for full tariff removal.
- Belgian officials warn proposed US tariffs on EU goods would hit major export sectors like pharma and engineering.
Japanese Prime Minister Shigeru Ishiba warned on Tuesday that U.S. tariffs are already affecting Japanese businesses, particularly small and medium-sized enterprises (SMEs).
Following an emergency meeting at the prime minister's office, the government announced plans to subsidize electricity and gas bills while providing financial support for struggling SMEs.
The profit forecasts of several Japanese companies have been revised downward due to the U.S. measures, the NHK cited Ishiba as saying.
Japan and the United States are scheduled to hold another round of tariff negotiations in Washington on May 30, according to Japanese media reports.
Japanese Economic Revitalization Minister Ryosei Akazawa, the chief negotiator for Japan, said on Tuesday that Japan would carefully advance discussions to reach an agreement with the U.S., while ensuring Japan's interests are not compromised in any hasty deal.
The upcoming talks will mark the fourth round of negotiations between the two nations, with the previous rounds failing to bridge differences. Japan has consistently demanded a complete removal of additional U.S. tariffs, but American negotiators have maintained a negative stance on this core request.
Meanwhile, in Belgium, Matthias Diependaele, the minister-president of Flanders, cautioned that U.S. President Donald Trump's proposed 50 percent tariffs on EU imports would severely hit key Belgian export sectors. The pharmaceutical industry would be the hardest hit, followed by mechanical engineering, transportation equipment, and chemical sectors, he said.
In 2024, the Flanders region alone exported 26 billion euros (29.4 billion U.S. dollars) worth of goods to the U.S., and the U.S. tariffs would dramatically increase export prices, Diependaele said.
