After ending the steel and aluminum tariff dispute with the European Union, on Monday (November 15) US and Japanese officials agreed to start negotiations to resolve the US trade dispute over additional tariffs on steel and aluminum imported from Japan.
Japanese officials said that the decision was reached after a meeting between U.S. Secretary of Commerce Gina Raimondo and Japan’s Minister of Economy, Trade and Industry Koichi Hagiuda, which reflects the relationship between the world’s largest and third largest economies. The importance of cooperation.
“U.S.-Japan relations are vital to common economic value,” Raimundo said. She called on the two sides to cooperate in a range of areas in semiconductors and supply chains, because chip shortages and production problems hindered the all-round economic recovery of developed countries.
The Ministry of Economy, Trade and Industry of Japan said on Monday that Japan and the United States agreed to start discussions at a bilateral meeting in Tokyo to resolve the issue of the United States imposing additional tariffs on steel and aluminum imported from Japan. However, an official from the Ministry of Economy, Trade and Industry of Japan said that the two sides did not discuss specific measures or set a date for negotiations.
The United States said on Friday that it would start talks with Japan on the issue of import tariffs on steel and aluminum, and that it may relax these tariffs as a result. This is a long-standing crux of the trade relationship between the two countries.
Earlier this month, Japan asked the United States to cancel the tariffs imposed by the former US President Trump’s administration in 2018 under “Section 232”.
“Japan once again requires the United States to completely resolve the issue of tariff increases in compliance with World Trade Organization (WTO) rules, as Japan has been demanding since 2018,” said Hiroyuki Hatada, an official from the Ministry of Economy, Trade and Industry.
The United States and the European Union have recently agreed to end the ongoing dispute over the levy of steel and aluminum tariffs by former U.S. President Trump in 2018, remove a nail in cross-strait relations, and avoid a surge in EU retaliatory tariffs.
The agreement will maintain the 25% and 10% tariffs imposed by the United States on steel and aluminum under Section 232, while allowing a “limited amount” of metal produced in the EU to enter the United States tax-free.
When asked how Japan will react if the United States proposes similar measures, Hatada responded by saying, “As far as we can imagine, when we are talking about solving the problem in a WTO-compliant way, we are talking about canceling additional extras. tariff.”
“The details will be announced later,” he added, “if the tariffs are removed, it will be a perfect solution for Japan.”
The Ministry of Economy, Trade and Industry of Japan said that the two countries also agreed to establish a Japan-US Business and Industrial Partnership (JUCIP) to cooperate in strengthening industrial competitiveness and supply chains.
The Office of the United States Trade Representative stated that negotiations with Japan on the issue of steel and aluminum will provide an opportunity to promote high standards and resolve issues of common concern including climate change.
This is Raimundo’s first visit to Asia since taking office. She will visit Singapore for two days starting from Tuesday, and will travel to Malaysia on Thursday, followed by South Korea and India.
US President Biden has just announced that a new economic framework will be established to “determine our common goals with our partners in the region.”