Japanese Trade Minister Yoji Muto said on Thursday that Japan is leaving all options open to respond to U.S. President Donald Trump's newly announced tariffs.
In a press conference, Muto said he had held an online meeting with U.S. Commerce Secretary Howard Lutnick just before Trump's announcement, to repeat Japan's demand for an exemption from the tariffs, which he called "extremely regrettable".
"We need to decide what is best for Japan, and most effective, in a careful but bold and speedy manner," he said, when asked whether Japan would retaliate.
Muto said his ministry would establish a task force to analyse the impact of the tariffs, which Trump said would amount to 24% for Japan, and provide information to affected parties.
A previously announced 25% tariff on car imports are set to take effect as scheduled on Thursday U.S. time, in a major blow to the Japanese auto industry, which accounts for roughly 3% of gross domestic product.
Muto said Japan had "serious concerns" over whether Trump's tariffs were consistent with the World Trade Organisation's framework.
