Japan and the U.S. begin talks on additional steel tariffs

Japan and the U.S. begin talks on additional steel tariffs

Japan and the United States have agreed to consider tackling further U.S. tariffs on Japanese steel and aluminum imports throughout a bilateral meeting in Tokyo, Japan’s industry ministry stated.

The meeting was held among Japan’s Industry Minister Koichi Hagiuda and U.S. Commerce Secretary Gina Raimondo. However, a ministry official stated that they did not consider concrete measures and had no date for the talks.

On Friday, the United States said it would open talks. They could ease those tariffs, long-standing trouble in trade relations within the two.

Japan earlier this month asked the United States to eliminate the “Section 232” tariffs required by former U.S. President Donald Trump’s administration in 2018.

Hiroyuki Hatada, a director at the Ministry of Economic, Trade, and Industry (METI), stated that Japan urged the United States again for a complete resolution of further tariffs consistent with WTO rules as Japan has been asking since 2018.

Removal of Trump’s agreement

The United States and European Union have recently agreed to establish a festering conflict over U.S. steel and aluminum tariffs in 2018. This eliminated a burden on transatlantic relations. Moreover, it prevented a spike in EU retaliatory tariffs.

The agreement controls Section 232 tariffs of 25% on steel and 10% aluminum. Meantime it provides “limited volumes” of EU-produced metals into the duty-free United States.

Questioned about how Japan would respond if the United States proposed a similar measure, Hatada said they could assume when they talk about a full resolution consistent with the WTO. Hence, they are discussing the elimination of the additional tariffs.

The two countries have also agreed to set Japan-U.S.According to the industry ministry, the Commercial and Industrial Partnership (JUCIP) cooperates to reinforce industry competitiveness and supply chains.