Japan’s minister of economy, trade and industry praised recent income tax reforms in the U.S. during a whirlwind visit in Columbus on Thursday, but warned tariffs will hurt foreign investment and will adversely impact the economy.
Hiroshige Seko was the keynote speaker at the Japanese External Trade Organization conference scheduled two weeks ago to coincide with his brief tour of the U.S.
He told the audience he has expressed his concerns to his U.S. counterpart while Japan’s Prime Minister Shinzo Abe has talked with President Trump.
Japanese investors were encouraged by the income tax reforms and began plans to increase investment in the U.S., he said. But the tariffs have dampened enthusiasm.
“The global supply chain is very important to Japanese manufacturers and investors,” Seko said. “Tariffs can hurt the global supply chain and make it difficult for Japanese companies to make a positive decision on future investment plans.”
He said manufacturers are already feeling the impact of the 25 percent tariff on steel.
“We understand the administration’s secuity concerns, but Japan is one of the U.S.’s closest allies,” Seko said. “How can Japanese steel imports be a threat to the U.S.?”
Honda of America Manufacturing Inc.’s Executive Vice President Tom Shoupe agreed, saying, “From Honda’s perspective, we’ve historically embraced free trade and an open door to investment.
“The steel and aluminum tariff is already affecting our operations.
We don’t think it is good for economic growth or expansion, nor for our customers here or around the globe.”
Seko encouraged Ohio’s business leaders to continue to push for open trade which said creates more jobs here and around the world.
Read complete story in Friday’s Examiner.
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