Japan Views 90-Day Reprieve From U.S. Reciprocal Tariffs as "Positive"

President Donald Trump’s move to temporarily suspend what he calls reciprocal tariffs for 90 days was deemed a “positive step” by Japan’s chief cabinet secretary on Thursday. However, Tokyo stated it would keep pressing Washington to eliminate other recently introduced tariff actions.

The sudden respite, declared by Trump just a few hours following the implementation of retaliatory tariffs on goods heading to the United States on Wednesday, provided instant comfort to financial markets. This led to a sharp recovery of the Nikkei stock index in Tokyo.

"Expressing our concerns, we have emphatically requested the United States to reconsider the tariff measures across different tiers. We view the U.S. statement as a constructive step forward," stated Chief Cabinet Secretary Yoshimasa Hayashi during a press briefing.

"Despite this, we will keep urging the United States to reconsider the outstanding reciprocal tariffs, along with other duties imposed on steel, aluminum, cars, and automotive components," stated the chief governmental spokesperson.

Of the 24 percent reciprocal tariff imposed on Japanese products entering the United States, a baseline levy of 10 percent is still in place despite the latest pause.

The anticipated effects of U.S. tariffs are expected to negatively affect Japan’s export-oriented economy. As a result, Prime Minister Shigeru Ishiba has vowed that his administration will take every possible measure to mitigate the consequences.

Hayashi stated that the government will closely monitor developments in the financial markets following the recent market downturn, which was triggered by worries that economic growth might be hindered.

The Nikkei Stock Average with 225 issues surged more than 8 percent on Thursday compared to the prior day, following a tripartite meeting involving the Finance Ministry, the Bank of Japan, and the Financial Services Agency to address market fluctuations.

"Hayashi stated that they will meticulously track fluctuations in the market with a strong sense of immediacy and implement suitable actions." He further noted that all three parties involved will guarantee optimal collaboration.