Japan plans retaliation for U.S. Byrd Amendment

Japan plans retaliation for U.S. Byrd Amendment

Japan plans to impose this September a 15 percent retaliatory tariff on nearly a dozen products as a countermeasure to duties the US imposed on Japanese steel products under the so-called Byrd Amendment. Using the Byrd Amendment, Washington placed tariffs on hot rolled steel from Japan, Brazil and other countries that were selling their products at prices the US considered unfair. However, the World Trade Organization (WTO) last year ruled in January 2003 that the Byrd Amendment ran afoul of WTO practices. When the US failed to repeal the duties last year, the WTO gave other members the right to impose economic sanctions against the US. The retaliatory tariffs would be the first to be issued by Japan, and they could total up to $76.3 million.