London: British Prime Minister Keir Starmer and Japanese Prime Minister Shigeru Ishiba emphasised that trade wars are detrimental to all parties involved.
Their discussion took place against the backdrop of the United States maintaining a 10% tariff on most imports, alongside a 25% tariff on steel, aluminium, and car parts, as reported by Xinhua News Agency.
The U.S.'s recent tariff policies have sparked global tensions, negatively impacting markets, provoking backlash from various nations, and drawing sharp criticism from economists and investors.
According to a Financial Times report, British Prime Minister Keir Starmer admitted that the United States is unlikely to revoke its new 10% tariff on all British imports. However, he is actively working to convince the U.S. president to remove the 25% tariff on British cars.
British economists have cautioned that growing uncertainty, declining exports, and increasing costs could significantly impact growth and employment in key sectors of the economy.
Meanwhile, Japan revealed plans on Thursday to dispatch Economic Revitalisation Minister Ryosei Akazawa to the United States for tariff negotiations as early as next week.
On Thursday, President Trump announced that trading partners failing to reach an agreement with the U.S. by July 9, when the 90-day pause concludes, will face tariffs on their goods at the originally announced reciprocal rates.
(inputs from IANS)