Japan Accelerates Financial Assistance for Businesses; Working to Handle Growing Concerns Over Tariffs
The Prime Minister's Office
The government decided on an emergency response package aimed primarily at supporting small and medium-sized enterprises affected by tariff measures imposed by the administration of U.S. President Donald Trump. This was concluded at the third meeting of the Comprehensive Response Headquarters for U.S. Tariff Measures held at the Prime Minister's Office on Friday.
Given concerns over a potentially serious impact on the domestic economy, the package includes support measures for small and medium-sized enterprises, specifically targeting cash flow assistance and employment retention, as well as initiatives to stimulate consumption.
Prime Minister Shigeru Ishiba said U.S. tariffs could 'fundamentally alter the free and fair economic order,' and instructed ministers to 'actively pursue concrete and effective utilization [of the package] tailored precisely to the needs of businesses.'
The emergency package includes establishment of consultation centers for affected businesses and exploration of lowering interest rates through government-affiliated financial institutions to aid companies impacted by tariffs. Additionally, financial institutions will be requested to provide repayment deferral programs and loan term adjustments. Procedures for employment adjustment subsidies, which finance employee leave allowances, will also be expedited.
Economic revitalization minister Ryosei Akazawa, who is in charge of negotiations, is scheduled to visit the United States starting Wednesday to hold a second round of talks with U.S. representatives over the issue of tariffs. Ishiba emphasized the importance of 'strongly requesting a review,' urging close coordination and thorough preparations to achieve results beneficial to both Japan and the United States.
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