The United States and Japan have agreed to lift Trump-era tariffs on about 1.25 million metric tons of Japanese steel imports annually.under the agreement Japan says it will help deal with excess steel supply which caused the price to fall This agreement aims to eliminate "Unfair practices" in the global steel industry ruled by China
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The Biden administration has already entered into a similar agreement with the European Union. But the tariffs still apply on UK imports.US Commerce Secretary Gina Raimondo said the deal with Japan will take effect on April 1. as we strive to combat unfair Chinese trade practices.During Donald Trump's presidency, Washington imposed tariffs on several countries. Claiming that cheap metal imports pose a threat to national security.
Under the new deal, the US will stop collecting 25% tariffs on Japanese steel imports. Excluding aluminum, up to 1.25 million metric tons per year meanwhile Tokyo said it would take action within six months to support what the United States said. And Japan sees it as a fairer steel market.This includes taxable goods that are believed to be priced below market value. and levying taxes to offset the subsidies received by exporters.
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Topic: US and Japan agree to cut steel tariffs in the Trump era (Read 60 times)