Washington, 8 Feb (ONA) — The US and Japan have agreed to remove Trump-era tariffs from around 1.25 million metric tonnes a year of Japanese steel imports.
Under the deal, Japan says it will help to tackle excess steel supplies, which push down prices.
The agreement is aimed to stamp out “unfair practices” in the global steel industry, which is dominated by China.
The Biden administration has already made a similar deal with the European Union (EU) but tariffs remain in place on imports from the United Kingdom (UK).
During Donald Trump’s presidency, Washington imposed tariffs on a number of countries, citing cheap metal imports as a national security threat.
Under the new deal, the US will stop charging a 25% levy on Japanese steel imports, excluding aluminium, up to a 1.25m metric tonne annual threshold.
Meanwhile, Tokyo said it will take steps within six months to support what the US and Japan see as a fairer steel market.
These include taxing goods believed to be priced below market value, and a levy to offset subsidies that an exporter has received, BBC news reported.