Article by METI Journal ONLINE explaining "reciprocal tariff" measures introduced by the Trump administration.
Key Points
1. Overview of Reciprocal Tariff Measures
- President Trump signed executive order on April 2, 2025
- Uniform 10% tariff imposed on imports from various countries/regions including Japan
- "Reciprocal tariffs" set by country added on top of 10% for some countries/regions
- Russia, Belarus, Iran, and North Korea excluded
2. Background for Introducing Measures
- U.S. perception of unfair treatment by trading partners for many years
- Claims lack of reciprocity causes massive and persistent trade deficits
- Concerns that trade deficits threaten economy and national security
- Problematizing industrial base hollowing out and dependence on other countries for critical items
3. Excluded Items
- Steel and aluminum products under Section 232 of Trade Expansion Act of 1962
- Some items including automobiles and parts
- Avoiding overlap with existing additional tariff items
4. Japanese Government Response
- Strongly requesting review of U.S. tariff measures including reciprocal tariffs
- Concerns about impact on Japan-U.S. economic relations
- Continuing diplomatic efforts
The article clearly explains the impact of protectionist trade policies on international trade and responses by countries including Japan.