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U.S. to reassess tariff exemption for Japan steel and aluminium

The U.S. and Japan are close to an agreement that would partially remove tariffs imposed on Japanese steel imports in 2018, Kyodo reported.

The two countries haven’t finalized the size of a tariff-free import quota and some other details on aluminium Kyodo cites anonymous sources.

Japan has been calling for a complete abolition of the tariffs imposed by former President Donald Trump, which add 25% to steel imports and over 10% to aluminum imports.

In addition, Nikkei reports that most of the exemptions are slated to start this spring. Extra tariffs on aluminum won’t be exempted, according to Nikkei.

*PIIE Chart

The future agreement, which is open to other countries, will pose a challenge for China, which produces over half of the world’s steel and which the EU and United States accuse of creating overcapacity that harms their own industries.

Trump imposed duties on steel and aluminum from the European Union, Asia and elsewhere in 2018,

citing national security risks.