FILE PHOTO: A worker stands near steel coils and steel rods at a steel collection facility in Tokyo, Japan, October 30, 2015. Japanese steelmakers are facing a supply glut, weak orders for drill pipe due to slumping oil prices, and softer-than-expected domestic demand, battering profits and output. REUTERS/Toru Hanai
February 7, 2022
(Reuters) – The United States and Japan will announce a deal on Monday to restrict tariffs imposed on Japanese steel under former President Donald Trump, Bloomberg reported, citing sources.
Washington will suspend the 25% levy on incoming steel imports from Japan up to a certain threshold, with anything above that still subject to additional charges, the report added.
The deal does not cover aluminum imports, which remain subject to a 10% tariff, according to the report.
Last month, Japan’s ambassador to Washington said that negotiations between Japan and the United States over U.S. steel and aluminum tariffs were “robust”.
The quota agreement between the U.S. and the European Union that is now allowing some steel and aluminum into the United States duty free was a template for the U.S.-Japan talks, Ambassador Koji Tomita said late in January.
(Reporting by Kanishka Singh in Bengaluru; Editing by Kirsten Donovan)
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