US and Japan reach deal to make most steel imports tax-free | www.WDIO.com

US and Japan reach deal to make most steel imports tax-free

US and Japan reach deal to make most steel imports tax-free Photo: MGN

JOSH BOAK, Associated Press
Created: February 07, 2022 05:54 PM

U.S. government officials say they have reached an agreement to essentially lift the 25% tariff that former President Donald Trump imposed on imported Japanese steel.

The deal with Japan would exclude the first 1.25 million metric tons of imported steel from the tax. That amount of steel is equal to the average that Americans imported from Japan in 2018 and 2019.

Commerce Secretary Gina Raimondo says the agreement will make steel more affordable.

U.S. Trade Representative Katherine Tai says the agreement with Japan and a separate deal last year on steel with the European Union will put them in a better place to compete against China.

Credits

JOSH BOAK, Associated Press

Copyright 2022 The Associated Press. All rights reserved.

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