‘Extreme regret,’ Japan urges US to retract reciprocal tariffs

ANKARA

Japan on Wednesday urged the US to retract the reciprocal tariffs imposed by US President Donald Trump, conveying its "extreme regret" over the move.

Chief Cabinet Secretary Yoshimasa Hayashi, Japan's top government spokesman, made the demand hours after a 24% reciprocal tariff took effect, despite Tokyo’s request for an exemption.

"The wide range of trade-restrictive measures by the United States would have a large impact not only on bilateral economic ties but also on the global economy and the multilateral trading system," Hayashi said, according to the Tokyo-based Kyodo News.

"We will continue to strongly ask the United States to review the measures," he added, amid growing concerns that the higher tariff could hurt Japan’s export-driven economy.

Washington and Tokyo are set to begin ministerial talks on the tariff issue, based on an agreement reached during a phone conversation on Monday between Japan’s Prime Minister Shigeru Ishiba and Trump.

Ishiba has pledged that his government will do all it can to protect the economy from what he calls a "national crisis," citing the negative effects of US tariffs, including a 25% levy on car imports.

South Korea seeks lower tariff rates in talks with US

South Korea, another key US ally in the Asia-Pacific, said it will prioritize efforts to lower tariff rates in upcoming negotiations with Washington. This follows the imposition of a 25% tariff on imports from Seoul.

"As high-level talks have taken place, we will now prepare concrete proposals and begin negotiations on individual issues with relevant trade authorities," Yonhap News quoted a senior official from the prime minister's office Wednesday.

He added that Seoul’s “foremost” goal is to adjust US tariff rates.

South Korea's trade minister is traveling to Washington to meet with US Trade Representative Jamieson Greer for tariff talks.

Pakistan to send delegation to Washington

Pakistan announced Wednesday it is sending a "high-level" delegation to Washington to negotiate the 29% reciprocal tariffs issued, amid heavy losses at the Pakistan Stock Exchange.

Prime Minister Shehbaz Sharif told a meeting in Islamabad that the delegation would include top business leaders, along with senior government officials, according to a statement from his office.

The Pakistan Stock Exchange saw a decline of over 2,600 points on Wednesday, just a day after the index showed a mild recovery following global market turmoil sparked by concerns over a trade war between the US and China.

Global tariffs take effect

Trump's sweeping global tariffs officially took effect on Wednesday, including a staggering 104% tariff on Chinese imports, escalating trade tensions with major partners across Asia and Europe.

The reciprocal tariffs, part of Trump’s newly launched global trade framework, took effect at 12.01 a.m. Eastern Time (0401GMT), targeting dozens of countries. While China faces the highest rate, other nations were also affected, including Cambodia at 49%, Vietnam at 46%, Thailand at 36%, India at 26%, South Korea at 25%, and Japan at 24%.