Japan likely to drop plans to retaliate with steel tariffs

Japan likely to drop plans to retaliate with steel tariffs

The latest U.S. list, exempting further 178 steel products from the hefty tariffs implemented by Bush administration in March 2002 in order to protect the local steel industry, Japan is now talking about calling off the proposed retaliatory tariffs of 100% completely. The new exemption list excludes about 25% of the Japanese steel exports into the U.S. Japanese authorities state that having this percentage equalling to 550.000 tons they are considering to give up on their retaliatory tariffs. Trade Minister Takeo Hironuma is quoted in the Japanese press that they wellcome these exemptions, as almost 70% of Japanese steel exports into the U.S. are not subject to the safeguard measures. Tonnage effected by these measures is approximately 650.000 mts on which the Japanese authorities are currently evaluating the situation. The decision is likely to become firm on August 31, the deadline Japan announced for final discussions. In order to see the related article please click here.