Japan urges trump to lift steel tariffs amid trade tensions
Japanese government secretary Yoshimasa Hayashi announced that Tokyo has formally requested the United States to exempt Japan from the 25% tariffs on steel and aluminium announced by US President Donald Trump.
Hayashi confirmed that the request was conveyed through the Japanese embassy in the USA. Separately, Trade Minister Yoji Muto stated during a press conference that authorities will take decisive and necessary actions, while carefully monitoring any potential effects of the tariffs on Japanese companies.
Also quoted by the Kyodo agency, Prime Minister Shigeru Ishiba, who met with Trump last week, said in parliament that the government will "lobby the United States for an exemption, while closely monitoring any possible impact on the Japanese economy."
In 2018, during his first term, Trump imposed tariffs of 25% on steel and 10% on aluminium, citing national security concerns. However, the next president, Joe Biden, granted several US trading partners, including Japan, duty-free quotas.
Signed by Trump on Monday, the memorandum equalises the tariff rate to 25% for both steel and aluminium imports. The US President also noted that they will apply "without exceptions and exclusions" and will cover "all countries." They are set to take effect on 12th March.
The value of Japanese steel exports to the USA reached 302.6 billion yen (£1.6 billion) last year, accounting for 1.4% of the total export to the country – according to data from the Japanese Ministry of Finance. Aluminium and other related product exports reached a value of 26.4 billion yen (£138 million) over the same period.
The decision by US President Donald Trump to impose tariffs on goods imported from the city will be challenged at the World Trade Organization (WTO) – as announced by Hong Kong's Chief Secretary Eric Chan. Hong Kong authorities contend that Washington has ignored the city's status as a customs territory separate from China.
