Japanese Prime Minister Shigeru Ishiba held a telephone conversation with President Donald Trump for about 25 minutes on Monday and sought a review of the tariffs imposed by the US besides further talks to defuse the situation. 
While calling for a review of the measures, Ishiba explained that Japan has made huge investments in the US and is contributing to job creation.

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Talking to reporters after the call, Ishiba said, “I conveyed to President Trump that Japan has been the world's largest investor in the US for five consecutive years, and that I am deeply concerned that the US tariff measures will reduce the willingness of Japanese companies to invest. I also conveyed to him that we should pursue a broad range of cooperation that benefits both Japan and the US, including expanding investment, rather than unilateral tariffs.”

“President Trump expressed his candid understanding of the current situation the United States finds itself in in the international economy. I confirmed that I will continue to have frank and constructive discussions with President Trump,” Ishiba added, as per an NHK report.

“Through our discussions, Japan will strongly urge the United States to review its measures. I believe that we will overcome this situation, which can be described as a national crisis, and that a new Japan will emerge. Tomorrow morning, we will hold a comprehensive task force on the US tariff measures, with the participation of all Cabinet members, to discuss future responses.” 

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“We have agreed to appoint the relevant cabinet members for negotiations, so I am naturally considering visiting the United States at the most appropriate time while watching the progress of the discussions and meeting directly with President Trump,” he added.

The Trump administration imposed an additional 25% tariff on cars imported from Japan, will impose another 24% as a ‘reciprocal tariff’.

After the call, Trump said in a post on Truth Social, “Countries from all over the World are talking to us. Tough but fair parameters are being set. Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate!”

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Earlier, PM Ishiba played cautious on Monday and desisted from announcing a retaliatory tariff in reaction to President Donald Trump’s imposition of reciprocal levies. Ishiba also expressed readiness to meet with the US president soon if necessary to demand a rethink, reports Japan-based Kyodo News.

‘Ready to meet Trump on tariffs, no tit-for-tat’: Ishiba

Ishiba said Trump’s decision to slap tariffs on imports from Japan was “extremely disappointing and regrettable” and that Japan will continue to explain that it had done nothing unfair to the US.
He said summit-level talks will be ultimately needed to resolve the issue, said a Reuters report.
“We are considering all options to determine what would be the most effective way” to address the tariff issue, Ishiba told a session of a House of Councillors committee. “We won't engage in tit-for-tat.”

Also read: China on tariffs: 'US seeking hegemony in the name of reciprocity in trade war'

Ishiba said that if he gets a chance to visit the US, he would present a ‘package’ to the Trump administration and emphasise Japan’s contribution to creating jobs in the US through investment and not just seek exemption from reciprocal tariffs.

He also said he wants to clarify that Japan is “not doing anything unfair” in response to Trump's argument that the US has been “ripped off” by its trading partners.
Trump's reciprocal tariffs have triggered a global stock sell-off.

Ishiba vowed utmost efforts to ensure the U.S. tariffs do not affect financing and jobs, especially for Japan's smaller businesses.
Since returning to the White House in January, Trump has introduced various duties, including an additional 25 per cent tariff on cars produced outside the US and 25 per cent levies on all steel and aluminum imports.

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“As such, the government must take all available means” to cushion the economic blow from US tariffs, such as offering funding support for domestic firms and taking measures to protect jobs, Ishiba told parliament.

Trump’s decision to slap a 25% levy on auto imports and a reciprocal 24% tariff on other Japanese goods is likely to deal a big blow to the export-heavy economy of Japan.
Fears of a global recession have led to steep declines in stock prices worldwide, and Japan’s Nikkei share average tumbled nearly 9% early on Monday.