TOKYO - Japanese Prime Minister Shigeru Ishiba spoke with US President Donald Trump on the telephone on Monday night to discuss new US tariffs, local media reported.

Ishiba told Trump that they should seek cooperation that can benefit both nations, not tariffs, as he expressed concern that the US tariffs could weaken the investment capacity of Japanese companies, Kyodo News reported.

The call was the first interaction between the two leaders since Trump rolled out a new set of levies last Wednesday, imposing a 10-percent baseline tariff on imports from all trading partners and higher rates on certain ones.

With Japan being slapped with a 24-percent levy, making it one of the hardest-hit nations and regions on the list, Tokyo has been lobbying for an exemption.

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Following their phone call, Ishiba told reporters he and Trump agreed that the issue should be further discussed by their ministers.

Ishiba also said he will visit the United States at the best time.

Japanese officials have repeatedly asked the US to exempt it from the tariff measures, stressing the country's position as the largest foreign direct investor in the US for five years in a row through 2023.