Trump said Canadian and Mexican exports to the United States would face a 25 percent tariff starting Tuesday, while goods from China, which already face various rates of duties, would see an additional 10 percent tariff.
The announcement threatens upheaval across supply chains, from energy to automobiles to food.
"We're deeply concerned about how these tariffs could affect the world's economy," Japanese Finance Minister Katsunobu Kato told a Sunday show on Fuji TV.
Fuji TV said Kato also stressed the need to "thoroughly assess" the possible effects of Trump's tariffs policy on the foreign exchange market.
"Japan needs to scrutinise these policies and their effects, and take appropriate measures," Kato was quoted by Fuji TV as saying.
Trump said the measures aimed to punish countries for failing to halt flows of illegal migrants and drugs including fentanyl into the United States.
China, Canada and Mexico have all vowed to respond to the tariffs.
Beijing's commerce ministry said it would take "corresponding countermeasures" and file a claim against Washington at the World Trade Organization.
Mexican President Claudia Sheinbaum said her country would impose retaliatory tariffs while Canada's Prime Minister Justin Trudeau said Ottawa would also hit back with 25 percent levies of its own on select US goods worth Can$155 billion (US$106.6 billion).
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