Chairman Nakanishi’s statements and comments at his press conference
Retaliatory trade measures stemming from tariffs imposed by the US will not have any major immediate impact on the economy. However, subjecting Japan to import restrictions runs counter to the spirit of Section 232 of the US Trade Expansion Act, which deals with national security. The Japanese business community will formulate its response in close collaboration with the government.
President Trump runs his administration by unconventional methods. The people we speak with in the US on a day-to-day basis, on the other hand, share the views held by those of us in the business community. Rather than interacting solely with Washington, D.C., it is important to speak with governors and other state government representatives about rules and taxation. For this reason, Keidanren business missions to the US venture beyond the capital to visit many states for wide-ranging dialogue, and we will continue to reinforce these activities. Japan-US economic relations are deepening. They encompass factors such as job creation and development of extensive supply chains and cannot be discussed solely in terms of trade. Moreover, it is importers who request exceptions to import restrictions, and companies need to engage in dialogue and cooperation in the course of their everyday business.
Regional Comprehensive Economic Partnership (RCEP)
RCEP encompasses a vast area including China and India. Although this creates challenges in negotiations, RCEP is a highly significant agreement that will also bring extensive rewards. Japan must make every effort to conclude an RCEP agreement approaching the level achieved for TPP11. Further progress on TPP11 is also likely, as Thailand and other countries show interest in joining, and it is important to integrate such developments into efforts to maintain and strengthen free trade systems.