By Orowo Victoria Ojieh
The United States and Japan have struck a deal to remove Trump-era tariffs from about 1.25 million metric tons of Japanese steel imports annually after Washington granted similar access to European Union steelmakers last year.
The agreement which was aimed at expunging unfair practices in the global steel industry would become effective April 1 this year and requires Japan to take “concrete steps” to fight global excess steel manufacturing capacity, largely centered on China.
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The Trump’s administration in 2018, imposed tariffs on steel and aluminium in several areas, including the European Union and Asia, claiming that the foreign products were a threat to U.S. national security.
The Secretary of Commerce, Gina Raimondo assured that the deal “will strengthen America’s steel industry and ensure its workforce stays competitive as well as providing more access to cheaper steel.
Consequent upon this agreement, the US will cease charging 25% levy on Japanese steel imports, excluding aluminium, up to a 1.25m metric tonne annually under the new deal.
It will be recalled that a similar deal has already been made with the EU by the Biden administration.
