US and Japan reach deal to cut tariffs on Japanese steel
- In Reports
- 01:38 PM, Feb 08, 2022
- Myind Staff
The United States will cut tariffs on Japanese steel imports to grow trade and relations with Tokyo and circumvent China's "unfair practices”, according to the departments of Trade and Commerce.
"This agreement will help us work together with Japan to combat China's anti-competitive, non-market trade actions in the steel sector, while helping us reach President Biden's ambitious global climate agenda," US Trade Representative Katharine Tai said in a statement on Monday.
The statement said the deal will help ensure the long-term viability of the US steel sector and protect American jobs while giving relief to manufacturers in the United States seeking readily accessible, affordable steel to make their products.
"Today's announcement builds on the deal we struck with the EU and will further help us rebuild relationships with our allies around the world as we work to fight against China's unfair trade practices and create a more competitive global economy for America's families, businesses and workers," Tai and Commerce Secretary Gina Raimondo said.
The United States reached a similar deal with the European Union in October that eased Trump-era sanctions on aluminum and steel. As part of the deal, the EU also agreed to drop retaliatory tariffs against American products including Harley-Davidson motorcycles and Kentucky bourbon.
Talks between the United States and the United Kingdom about steel tariffs are also underway.
Image credit: Reuters
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