Doha: Japan's government announced Tuesday a package worth $15.5 billion aimed at shielding small to medium-size businesses (SMEs) from the impact of US tariffs. The package, valued at 2.2 trillion yen ($15.5 billion), will offer assistance with corporate financing and the easing of loan conditions at a government-backed lending institution, stated Chief Cabinet Secretary Yoshimasa Hayashi.

According to Qatar News Agency, Hayashi emphasized the government's commitment to providing full support for SMEs affected by the US tariffs during a press conference. Japan, a significant ally of the US and its largest investor, is facing 10% baseline tariffs similar to those imposed on most other nations, with additional higher levies on cars, steel, and aluminum.

In early April, the US announced 24% "reciprocal" tariffs on Japan, which were temporarily paused along with similar tariffs on other countries until early July. On Monday, the Japanese government disclosed that Tokyo and Washington agreed to expedite efforts towards a mutually beneficial agreement.

Japan's Prime Minister, Shigeru Ishiba, expressed hopes to finalize an agreement with US President Donald Trump during their upcoming meeting at the annual Group of Seven summit in Canada next month.