Japan’s Prime Minister Shigeru Ishiba has voiced his dissatisfaction with the U.S. decision to impose a 25% tariff on Japanese imports, a move initiated by President Donald Trump.

What Happened: Ishiba expressed disappointment over U.S. President Donald Trump‘s decision to impose a 25% tariff on Japan, as reported by The Daily Mainichi on Tuesday. During a government meeting, Ishiba remarked that the tariff decision is “truly regrettable.” He noted that the tariff was lower than initially threatened and that the deadline for reaching a potential agreement has been extended.

Ishiba emphasized that his administration will focus on bilateral discussions to achieve a mutually advantageous agreement. The Japanese government aims to continue negotiations with the United States to resolve the tariff issue.

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Why It Matters: The imposition of these tariffs by Trump has sent shockwaves through global markets, with significant repercussions. On Monday,  Wall Street experienced a notable slump, and the U.S. dollar surged following the announcement of the tariffs. These tariffs, which affect all imports from Japan and South Korea, are set to begin on August 1 and are in addition to any existing sector-specific duties.

At the time of writing, the Nikkei was seen trading 0.2% higher at 39,679.09.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.517% to 97.467, touching a one-week high, reported Reuters. Japanese yen edged up 0.07% to 146.11 against the dollar.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal