Bank of Japan (BOJ) Governor Kazuo Ueda warned that global economic growth could take a major hit from President Donald Trump’s planned tariffs just hours before they were scheduled to be revealed.
“The impact of U.S. tariff policy on the global economy is highly uncertain,” Ueda told Japan’s parliament, according to Reuters. “But depending on the range and scale of U.S. tariffs, they could have a big impact on each country’s trade activity.”
Trump threatened to impose several tariffs upon entering office, but so far, only those on aluminum, steel and all goods from China have been enforced.
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Ueda reportedly hopes to discuss his concerns with other financial leaders during the IMF and G20’s spring meetings later this month, where U.S. tariffs are expected to be a major focus, according to Reuters. However, the outlet also reported that BOJ has yet to confirm whether Ueda will attend this year’s G20 meetings.
A Reuters poll found that many analysts expect the BOJ to hike interest rates in the third quarter, likely due to the effects of U.S. tariffs.
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Despite widespread concerns about the possible negative economic impacts of Trump’s tariffs, the White House said on Tuesday that the president is “always up for a good negotiation.”
“The president has been looking at the very unfair trade practices of the past. Certainly, the president is always up to take a phone call, always up for a good negotiation,” White House press secretary Karoline Leavitt told reporters.
Trump is set to announce new planned tariffs in the White House Rose Garden on Wednesday, which he has called “Liberation Day.” It is unclear exactly what reciprocal tariffs will be announced.
“I think it’s going to be something that’s going to bring a lot of wealth back to our country, tremendous wealth back to our country, actually,” Trump told the media on Monday.
The White House said the tariffs announced on Wednesday will take effect immediately, except for a 25% tariff on auto imports, which will be imposed on Thursday.
Fox News Digital’s Emma Colton contributed to this report.
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