Global economies react as US rolls out sweeping tariff measures

Japan’s Prime Minister Shigeru Ishiba will meet with opposition party leaders on April 4 to discuss the country’s response to the United States' newly introduced import tariffs.

This move comes after the Trump administration’s decision to impose tariffs on a range of goods, a measure that has raised significant concern in Japan, Caliber.Az reports via foreign media.

Japan's Chief Cabinet Secretary Yoshimasa Hayashi confirmed that the Prime Minister would listen to the opinions of opposition party heads during a session scheduled for the afternoon. Hayashi emphasised that responding to the tariffs should be a cross-party effort, involving not just the government and the ruling party, but also opposition parties in shaping a comprehensive national response.

In addition to engaging in dialogue with opposition leaders, Prime Minister Ishiba has instructed the government to carefully assess the specifics of the tariffs imposed by the US administration. This includes analysing the potential impact of these measures on Japan’s economy and industries.

Japan has also been in continued talks with Washington, urging a review of the tariffs. The government has committed to measures designed to support employment in Japanese industries affected by the tariffs, including securing necessary financial backing.

The tariffs, particularly those targeting imported vehicles, have sparked widespread anxiety in Japan. Cars account for roughly 28% of Japanese exports to the United States. Additionally, President Trump’s recent declaration that a 10% minimum tariff will apply to all imported goods, with specific rates for different countries, has added to Japan’s concerns. Japan faces a tariff rate of 24% under the new policy, which has exacerbated tensions between the two nations.

Vietnam criticises US tariffs

Vietnam has also voiced strong disapproval over the new tariffs imposed by the United States, which include levies on imports from several countries, including Vietnam. The Vietnamese Ministry of Foreign Affairs described the decision as incompatible with the spirit of their comprehensive strategic partnership with the US.

Pham Thu Hang, Director of the Ministry’s Department of Information and Press, noted that the decision contradicts the mutually beneficial economic and trade cooperation between the two nations and could negatively affect bilateral relations. Vietnam has expressed regret over the tariffs, asserting that they do not align with the shared goals of peace, stability, and development. Hanoi remains committed to engaging in constructive dialogue with Washington to address and resolve these issues.

Bangladesh seeks resolution via negotiations

Bangladesh, too, is actively seeking a resolution to the trade dispute with the United States after the imposition of 37% tariffs on its exports. Muhammad Yunus Shafiqul Alam, spokesman for Bangladesh’s interim government, indicated that discussions are still in the early stages but expressed optimism that talks would strengthen bilateral relations. The Bangladeshi government is revising tariffs on imports from the US in parallel with its diplomatic efforts.

Argentina aligns regulations to address US tariffs

Meanwhile, Argentina is making moves to align its regulatory framework with US demands in a bid to see the removal of tariffs. President Javier Milei announced that his government had already fulfilled 9 out of 16 requirements set by the Trump administration. Argentina is also working towards creating a more balanced trade relationship with the US by harmonising tariffs on a range of goods, including a group of 50 specific items.

As nations respond to the US tariffs, there is a clear trend towards negotiations and regulatory adjustments in an attempt to protect their economies while maintaining crucial trade relationships.

By Aghakazim Guliyev