US and Japan set to announce steel trade deal
The US and Japan are set to announce a deal that would cut Trump-era tariffs on steel, a person familiar with the matter said.
Under the agreement, a limited amount of Japanese steel will be allowed for import without the 25% levy imposed by President Donald Trump in 2018. If Japan goes over that amount, the tariff would return.
The deal doesn't apply to aluminum, on which Trump also imposed tariffs. It follows an agreement last year between the US and the European Union to ease Trump-era metal tariffs.
Trump imposed the steel and aluminum tariffs citing national security, and it caused some nations to impose retaliatory duties on their own products.
https://www.msn.com/en-us/news/politics/us-and-japan-set-to-announce-steel-trade-deal/ar-AATznSK
U.S. to Suspend Levy on Certain Trump-Era Steel Imports From Japan
The U.S. will suspend a levy on Japanese steel that was imposed under former President Donald Trump's administration, Bloomberg reported, citing unnamed sources.
The deal between the U.S. and Japan is expected to be formally announced February 7, 2022. It will suspend the 25 percent levy on steel imports from Japan coming into the U.S. up to a certain threshold, Bloomberg reported.
Anything above that threshold will still be subject to additional charges. Aluminum imports are not covered in the deal and will still be subject to a 10 percent tariff, according to the Bloomberg report.
The move comes after Japan's ambassador to Washington said last month that steel and aluminum tariff negotiations between the U.S. and Japan were "robust."
https://www.msn.com/en-us/news/world/u-s-to-suspend-levy-on-certain-trump-era-steel-imports-from-japan/ar-AATzhg1
