Japan finance minister calls US tariffs ‘regrettable’ at G7 talks #JapanFinance

TOKYO (Kyodo) — Japanese Finance Minister Katsunobu Kato said he told his Group of Seven counterparts that the U.S. decision to impose tariffs on all steel and aluminum imports was “regrettable” during their online meeting on Monday, emphasizing the importance of global trade rules.

Kato told reporters in Tokyo after the virtual gathering, chaired by Canada as this year’s G7 host, that industrial policies, including tariffs, “should ensure predictability” and that decisions must be “based on international rules.”

“Given the current global situation, the G7 will lead a free, open and rules-based international economic system,” Kato said, apparently referring to U.S. President Donald Trump, who has pursued his “America First” principle to bolster the world’s biggest economy.

Since his inauguration on Jan. 20, Trump’s administration has announced a series of tariffs, such as 25 percent duties on all steel and aluminum imports, which came into force on Wednesday, triggering retaliatory moves by some of its major trading partners.

Other measures include levies of around 25 percent on imported cars, up from 2.5 percent, with details likely to be announced next month, potentially impacting Japan’s auto sector. Kato said, “Japan will engage in serious talks with the United States.”