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Japan ruling bloc eyes fresh economic steps to counter U.S. tariffs
Kyodo News | English | News | May 9, 2025 | UndeterminedTrade Issues and Numbers
Japan's ruling coalition is exploring new economic measures to mitigate the impact of increased tariffs imposed by U.S. President Donald Trump. The coalition aims to finalize this economic package ahead of the House of Councillors election set for July. Key figures, including Liberal Democratic Party Secretary General Hiroshi Moriyama and Komeito party leader Makoto Nishida, emphasized the need for relief measures while evaluating ongoing trade negotiations with the United States.
In response to the pressures from U.S. tariffs, Prime Minister Shigeru Ishiba's government recently announced a set of emergency economic measures, which include support for corporate financing and strategies to boost consumption. Komeito is advocating for tax cuts on food and basic necessities, while there is internal disagreement among LDP lawmakers regarding the potential reduction of the consumption tax.
Moriyama noted that he would consider Nishida's suggestions for tax breaks and cash handouts aimed at assisting households facing rising prices. Furthermore, they have agreed to allocate approximately 300 billion yen ($2 billion) from the government’s contingency reserve to subsidize energy bills for the upcoming summer. Komeito plans to incorporate these proposals into their campaign promises for the approaching upper house election. Meanwhile, Japan's chief negotiator, Ryosei Akazawa, recently visited Washington to negotiate further concessions regarding U.S. tariffs.