Prime Minister Shigeru Ishiba spoke with U.S. President Donald Trump on Monday night from Tokyo to discuss tariffs that have unsettled the markets and are forecast to cause significant economic damage globally.
The call was the first interaction between the two leaders since the U.S. president fired the first volley in what is quickly shaping up to be a full-scale trade war when he rolled out new tariffs targeting almost every country on the planet.
Japan’s rate was set at 24%, making it one of the hardest-hit nations on the list.
The much-anticipated talk took place after Asian markets slumped dramatically on Monday, with Japan’s benchmark 225-issue Nikkei stock index down 2,644 points, the third-biggest point drop ever.
It has fallen more than 13% since Trump first announced this latest round of tariffs last week.
Arrangements for the conversation were made over the weekend, with key members of the Cabinet and senior government officials huddling at the prime minister’s official residence on Sunday until late.
The government has so far maintained a measured approach in response to the U.S. tariffs. Ishiba signaled earlier in the day that Tokyo would not seek direct confrontation with Washington over the tariffs.
Japan has repeatedly asked the U.S. to exempt it from the tariff measures, stressing its position as the largest foreign direct investor in the U.S. for five years in a row through 2023.
