• Japan announces an emergency economic package in response to U.S. tariffs.
• The package includes support for corporate financing and subsidies for gas and electricity bills.
• Prime Minister Ishiba emphasizes the need to protect vulnerable industries like automotive and steel.
• Emergency measures are aimed at alleviating financial strain on households and small businesses.
• Economy Minister Ryosei Akazawa will engage in further trade talks in Washington.

Japan’s government has unveiled an emergency economic package aimed at minimizing the impact of sweeping U.S. tariffs, particularly on key sectors such as automobiles and steel. Prime Minister Shigeru Ishiba stated that the plan includes financial support for corporate financing and subsidies designed to lower gasoline prices by 10 yen (approximately $0.07) per liter, as well as partially covering electricity bills for three months starting in July, according to Channel News Asia and Reuters.

The government’s measures also expand access to low-interest loans for small and medium enterprises that are particularly vulnerable to economic fluctuations. Ishiba highlighted that “it is extremely important for us to clearly convey to the United States the fact that Japanese enterprises have been making a significant contribution to the US economy,” according to AA and Al Jazeera.

The economic package aims to protect households and industries from anticipated adverse effects due to recently imposed tariffs by the U.S. government, which include a 24% tariff on Japanese goods. Japanese officials are keen on negotiating for exemptions, especially as the U.S. offers a 90-day reprieve for tariff negotiations. Economy Minister Ryosei Akazawa is expected to visit Washington for further talks next week, according to Reuters and AA.