The US has partially removed the 25% tariff imposed by former President Donald Trump on steel imports from Japan.
The US Department of Commerce said in a late Monday evening statement that up to 1.25 million metric tons of steel imported from Japan will be allowed to enter the US duty-free annually, with amounts beyond this threshold subject to a 25% tax.
The new system agreed upon by both countries will take effect on April 1, it added.
Tariffs on aluminum products are not included in the new agreement.
The agreement will help ensure the long-term sustainability of the steel industry, it said.
In 2018, the US decided to impose tariffs of 25% and 10% on imported steel and aluminum, respectively, on “national security” grounds.
According to Commerce Department data, the US imported about 1.7 million metric tons of steel from Japan in 2017 before the tariffs were introduced.
The country’s steel imports from Japan had dropped to 1.1 million tons until 2019.
In October 2021, the US also reached another agreement with the EU on steel and aluminum tariffs.
Source: Anadolu Agency