Press Conference by Minister Muto (Excerpt)

*Note: This is a provisional translation for reference purposes only.

11:41 to 11:54 a.m.
Friday, November 8, 2024
Press Conference Room, METI Main Building

Opening Remarks

None

Question-and-Answer Session

Presidential election in the United States and Mr. Trump’s policies

Q: Mr. Trump’s victory in the recent U.S. presidential election has become certain. His policies are different from those of the Biden administration in some fields, such as trade and energy, and people are paying close attention to his future economic policies. Could you comment anew on Mr. Trump's victory and how Japan should enhance Japan-U.S. ties in the field of economy in the future? Furthermore, I believe that the Indo-Pacific Economic Framework for Prosperity (IPEF) and other multilateral frameworks that the Biden administration has been promoting are also important initiatives for Japan. Could you explain your view on how Japan should encourage the U.S. to maintain and develop these frameworks?

A: I would like to offer my congratulations to Mr. Trump for his victory in the presidential election.

At this point before the new administration is inaugurated, I feel that making any comments on potential policies of the next U.S. administration today would be premature.

Based on this, even with the new administration, close collaboration and cooperation between the U.S. and Japan in the fields of economy and energy will remain essential. We would like to strive to further develop Japan-U.S. economic ties in a way that contributes to Japan’s interests.

Regarding IPEF and other multilateral cooperation frameworks that you asked about, I would like to refrain from answering at this point as any response would be premature.

However, generally speaking, I recognize that the importance of multilateral cooperation for the establishment of an economic order in the Indo-Pacific region remains unchanged. We will continue to take necessary measures going forward.

Q: I would also like to ask you about the Trump administration.

During the election campaign, Mr. Trump claimed that he would raise tariffs on imported goods. This targets Japan, too. With this in mind, could you explain your view on the potential impact of this on Japanese industries? Also, Nippon Steel Corporation is currently in negotiations to acquire United States Steel Corporation. Could you comment anew on the policy that METI or the Government of Japan will take to address the new Trump administration over this issue?

A: Regarding tariffs, I am aware that President-elect Trump has made statements about tariffs during the election campaign.

Meanwhile, at this point before the new administration is started, as I said earlier, I would like to refrain from making comments as any comments at this point would be premature. Based on this, we will continue to pay close attention to the policies of the new administration, including their impact on Japan.

In addition, regarding the issue of U.S. Steel, I am also aware of Mr. Trump’s statements. As I have repeatedly said, at this point, before the new administration is formed, I would like to refrain from making any comments, as they would be premature as the policies of the next U.S. administration have not been formalized.

Moreover, as this issue is an individual case that is currently being processed under U.S. law, the Government of Japan would like to refrain from making comments on this matter.

Financial results of automobile manufacturers and Mr. Trump’s policies

Q: Some major automobile manufacturers have announced their financial results up to yesterday. In particular, Nissan Motor Co., Ltd. announced a 20% decrease in global production and a cut of 9,000 employees, and this has clearly demonstrated the poor performance of the company. Could you explain your view on the financial results and current state of automobile manufacturers. Also, as a repetition of the previous question, in the U.S., Mr. Trump stated that he would impose high tariffs on imports from Mexico, and, in response, many executives of Japanese automobile manufacturers specifically expressed their concerns over the statement at their financial results press conferences. Could you explain your view on these concerns being raised, too?

A: I read the financial results of individual automobile manufacturers yesterday.

However, I would like to refrain from making comments on the details of the financial results of individual companies. Regarding the interim financial results of the automobile manufacturers, I recognize that profits for some have increased, while for others it decreased, depending on the impact of the depreciation of the yen against the US dollar or the impact of sales trends in the North American and Chinese markets.

Although I am aware of the statement made by President-elect Trump, at this point before the new administration is inaugurated, I would like to refrain from making comments on the policies of the next U.S. administration.

Having said this, I will say that Japanese companies in North America have been building supply chains, including in the U.S. and Mexico, so we will continue to pay close attention to the impact of the new administration's policies on Japanese companies.