14 Nov 2021
U.S to Relax Tariffs on Steel and Aluminum Imports from Japan
The Index Today
In a series of latest steps to ease improve trade relations between allies, the Biden Administration has announced plans to reduce tariffs in imports of steel and aluminum from Japan.
Trade talks between the U.S and Japan are expected to take place in Tokyo next week to discuss previous tariffs imposed during the Trump administration. Prior to this move, the nation relaxed tariffs of steel and aluminum coming in from Europe. U.S Trade Representative Katherine Tai along with Secretary Gina Raimondi will be visiting Japan to address supply chain disruptions and trade policies.
A statement released by both representatives said, “The Unites States and Japan have a historic alliance, built on mutual trust and respect, and reflecting shared values and a strong communication to resolving global challenges through closer cooperation.” Japanese cabinet secretary for public affairs said during a panel discussion, “Given the new development between the U.S and the EU, we certainly hope we will be reaching a constructive outcome on this issue between Japan and the U.S.”
By reaching a new tariff agreement, both nations will be able to divert focus to more demanding issues and develop policies to counter China’s trade policies. Current tariffs have laid more pressure on U.S manufacturing companies which are prompting for immediate remedies. Removing tariffs could also help lessen inflation pressures on the country and stabilize pricing on goods and services.