Tokyo: Japanese Prime Minister Shigeru Ishiba has condemned the recent tariffs imposed by US President Donald Trump, labeling them a "national crisis." The tariffs, announced on Thursday, include a 24% levy on Japanese imports and a 25% tariff on auto imports.

PM Ishiba emphasized the need for a "calm-headed" approach to negotiations with the Trump administration. He instructed his ministers to carefully examine the tariffs and develop measures to mitigate their impact, including financial support for domestic industries and protection of employment.

The Japanese government has expressed "serious concerns" about the tariffs' compliance with World Trade Organization rules and US-Japan trade agreements. PM Ishiba has urged his ministers to press the US to review the tariff measures.

The economic implications of the tariffs are already being felt, with Japan's Nikkei 225 index plummeting by over 3% on Friday. This decline follows a 2.7% drop on Thursday, triggered by a significant drop in the S&P 500 on Wall Street.

PM Ishiba is scheduled to hold cross-party talks to address the crisis, seeking cooperation from opposition parties to pass a supplementary budget bill. The bill aims to alleviate the economic impact of the tariffs on Japanese industries.