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US and Japan agree on tariffs on steel

North America / Asia / Business and Finance

In exchange for the abolition of tariffs on steel invented by Donald Trump, Japan promised to increase taxes on the export of steel products and introduce a fee to compensate for the subsidies received by steel exporters.

US and Japan agree on tariffs on steel

Washington and Tokyo have agreed to partially lift the 25% duty on Japanese steel imports imposed in 2018 by former US President Donald Trump. Starting April 1, Japan will be able to import up to 1.25 million tons of steel per year duty-free into the United States. Duties on aluminum still apply.

As part of the deal, Japan guaranteed the fight against excess supplies of steel for export. In particular, the country will increase taxation of goods deemed to be below market value and introduce a levy to offset subsidies received by the exporter.

The agreement aims to root out "bad practices" in the global steel industry, which both countries say is dominated by China.

The Biden administration has already struck a similar deal with the EU, but tariffs on UK imports remain in place.

The agreement with Japan, effective April 1, "will help us rebuild relationships with our allies around the world as we work to combat China's unfair trade practices," U.S. Secretary of Commerce Gina Raimondo said.

During the presidency of Donald Trump, Washington imposed tariffs on steel from most of the world, citing cheap metal imports as a threat to national security.

Meanwhile, Tokyo said it would take steps within six months to support what the US and Japan see as a fairer steel market.

On January 1, a deal between Brussels and Washington came into force that allows duty-free exports of steel and aluminum from the EU to the US.

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