British and Japanese Leaders Oppose Trade War Amid US Tariffs
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Synopsis
On April 11, British PM Keir Starmer and Japanese PM Shigeru Ishiba expressed shared concerns over the negative impacts of a trade war, especially as US tariffs remain in place. Both leaders advocate for constructive dialogue to address these economic challenges.
Key Takeaways
- British and Japanese PMs agree trade wars harm economies.
- US tariffs remain under discussion, impacting imports.
- Economic uncertainty poses risks to growth and jobs in the UK.
- Japan plans to negotiate tariffs with the US next week.
- President Trump warns of reciprocal tariffs for non-compliance.
London, April 11 (NationPress) British Prime Minister Keir Starmer had a discussion with Japanese Prime Minister Shigeru Ishiba, and both leaders reached a consensus that a trade war is detrimental for all parties involved.
This dialogue occurred as the United States maintained a 10 percent tariff on most imports, alongside a 25 percent tariff on steel, aluminum, and car parts, according to Xinhua news agency.
The latest tariff measures from Washington have escalated tensions in recent weeks, adversely affecting global markets and provoking backlash from various nations, while economists and investors expressed significant concern.
A report from the Financial Times indicated that Starmer previously recognized the unlikelihood of the United States retracting the 10 percent tariff on British imports, and he is currently attempting to convince the US president to eliminate the 25 percent tariff on British automobiles.
Economists in the UK have cautioned that increasing uncertainty, declining exports, and escalating costs could hinder growth and job stability across critical sectors of the economy.
Additionally, Japan disclosed plans to dispatch Economic Revitalization Minister Ryosei Akazawa to the United States for tariff discussions as soon as next week.
On Thursday, President Trump stated that trading partners unable to reach an agreement with the US by July 9, when the 90-day moratorium ends, would face tariffs equivalent to the originally announced reciprocal rates on their goods entering the US.
