#EthereumFuture Japan’s government unveiled a package of emergency economic measures to counter the adverse effects of higher tariffs imposed by U.S. President Donald Trump ahead of a second round of bilateral trade negotiations expected next week.

The plan includes a 10 yen/liter gasoline subsidy and partial electricity bill support for three months. However, the Auto and Steel industries are expected to be the hardest hit by U.S. tariff impacts.

IMF Fiscal Affairs Director Victor Gaspar warned that if a significant economic shock hit Japan in the future, the deterioration in debt levels could exceed that during the coronavirus period. He emphasized the urgent need to begin fiscal consolidation in light of debt risks.

On April 22nd, the Liberal Democratic Party and the Komeito Party each submitted a proposal for domestic measures to Prime Minister Shigeru Ishiba. The Japanese government has drawn up a comprehensive plan based on these proposals to counter the negative impact of the sweeping U.S. tariffs.

Ishiba unveils economic stimulus package to counter the effects of tariffs

To counter US tariff impacts, Japan unveiled measures including support for corporate financing, a ¥10 per litre gasoline subsidy, and partial coverage of electricity bills for three months starting July.