Japan: First-ever retaliation trade move against U.S.
Japan announced it is ready to implement retaliatory tariffs totaling $4.8 million on U.S. steel imports and is expected to inform the World Trade Organization (WTO) today about its decision. Officials report this is the first time ever that
Japan has made such a move.
The move was announced after a telephone conference between the two sides ended in a deadlock over the issue.
Japan plans to impose 100% tariffs on steel and steel products for a year, in what it terms as a “rebalancing” of import tariffs between both countries.
Japan's Council on Customs, Tariff, Foreign Exchange and Other Transactions approved the move to impose the tariffs against the U.S.
Japan will request the WTO create a dispute settlement panel over the issue after May 20, according to WTO rules. The tariffs are scheduled to go into effect on June 18.