TOKYO: Japan’s government has decided on an emergency economic package to help alleviate the pain on industries and households from sweeping U.S. tariffs, Prime Minister ISHIBA Shigeru said on Friday.

The package includes stronger support for corporate financing, as well as subsidies to lower gasoline prices by 10 yen ($0.0700) per litre and partially compensate electricity bills for three months from July.

“I have instructed cabinet members to make the utmost efforts to aid firms and households that have been worried about tariff impacts,” Ishiba said, adding the tariff measures could have a significant impact on industries such as automobiles and steel that support Japan’s economy.

The package will be financed by a reserve fund and a fund already earmarked for gasoline subsidies, according to Japanese media, having only a limited impact on the state budget for this financial year through March. 

Reuters