Japanese political and business leaders slammed the U.S. "reciprocal tariffs" policy as a blow to free trade norms, warning it will not only fail to protect the domestic economy but ultimately backfire.
In an interview with China Central Television (CCTV), Izumikawa Yuki, director secretary-general of the Japanese Association for the Promotion of International Trade (JAPIT), pointed out that the U.S., using tariffs as a negotiating tool to force other countries to accept its demands, is undermining free trade.
"The most critical issue is that it is highly problematic for one country to unilaterally impose higher tariffs and pressure others into accepting them during negotiations. This is not merely an economic issue between Japan and the U.S. -- it is a much larger problem concerning the global order. We must seriously consider countermeasures from a worldwide perspective," he said.
Since the Trump administration announced its so-called "reciprocal tariffs" on April 2, multiple market institutions have successively downgraded their growth forecasts for the U.S. economy this year.
Yoichi Masuzoe, former governor of Tokyo, Japan, stated that as U.S. tariff policy takes effect, the daily living expenses of American citizens are likely to rise across the board, and the policy will ultimately backfire on the U.S. itself.
"The Trump administration's approach is entirely wrong -- what it should do is to safeguard free trade. In six months or a year, steadily rising prices will devastate small and medium-sized enterprises in the U.S. If this continues, the U.S. economy will decline, the public will grow angry, and they will say 'no' to the U.S. government," he said.
US tariffs threaten free trade, risk backfiring: Japanese analysts
US tariffs threaten free trade, risk backfiring: Japanese analysts
