Japanese Prime Minister Shigeru Ishiba says President Donald Trump is not "a typical counterpart" amid domestic pressure to ensure the tariff deal is implemented soon.
Lawmakers Slam Decision To Not Sign Official Tariff Document
Lawmakers from the opposition in Japan have criticized Ishiba’s decision not to sign an official document as the country agreed on a lower tariff with the Trump administration, Reuters reported on Monday.
Ishiba has also been under pressure to resign from the PM office from within his party as a result of a heavy loss during Japan's upper-house elections, the report suggests.
Ishiba Defends Decision Citing Time Constraints Over The Deal
Ishiba has defended the government's decision, saying it was crucial to obtain an agreement given the time constraints. "Creating a document could have delayed the timing of tariff cuts. That was our biggest fear," Ishiba said.
"Both countries will begin executing what was agreed upon, which is harder than agreeing on a deal," Ishiba said and outlined that there was no hesitation to hold talks with Trump to ensure the timely implementation of the tariffs.
Trump's $550 Billion Deal, Toyota, Mazda, Mitsubishi Stocks Rally
Trump had earlier announced the $550 billion deal with Japan via a post on his platform Truth Social, hailing it as an exciting time for the U.S. and stating that the deal would create thousands of jobs in the country.
Following the announcement of the deal, shares of Japanese automakers like Toyota Motor Corp (NYSE:TM) rallied, joined by Mazda Motor Corp, surging 17% and Mitsubishi Motor Corp also posted gains.
Tariffs Continue To Hurt Ford, Stellantis
Amid the deal with Japan, Ford Motor Co. (NYSE:F) announced the Trump administration's tariffs would cost the company over $3 billion, revising the impact from the earlier $2 billion.
Stellantis NV (NYSE:STLA) also shared during an earnings call with company investors that the tariffs would cost the company over $1.7 billion in additional expenditures.
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