US steel users have welcomed recently inked deal for removal of 25% steel tariffs for import from Japan. Association of Equipment Manufacturers Senior Vice President of Government & Industry Affairs Mr Kip Eideberg said "AEM welcomes this announcement, but the Biden administration must expeditiously remove the remaining damaging tariffs put in place by President Trump. US manufacturers are still subjected to tariff rate quotas and 25 percent tariffs on steel and aluminum, while our foreign competitors continue to access the global market at better rates. We strongly encourage the Biden administration to remove all remaining Section 232 steel and aluminum tariffs on our trading partners and allies."The Coalition of American Metal Manufacturers and Users said “The US-Japan agreement to end the existing Section 232 steel tariffs for a certain amount of imported steel will increase the supply of steel in the US, which could help US manufacturers who continue to have long delivery delays and continue to pay the highest prices in the world. However, it is disappointing that the agreement will not completely terminate these unnecessary trade restrictions on Japan. As we are already seeing with the US.-EU agreement, where some steel products’ quota filled up for the year in the first two weeks of January, this type of government restriction on raw materials and intervention leads to market manipulations and allows for gaming of the system that puts this country’s smallest manufacturers at an even further disadvantage. CAMMU urges the Administration to include the same exclusion provisions provided for in the US EU agreement, automatically extending existing exclusions for two years and allowing for new exclusions when product categories reach their quota.”US has reached a new steel tariff agreement with Japan. Starting April 1, the US will accept up to 1.25 million tonnes of Japanese steel duty-free each year, then apply a 25 percent tariff on imports above that threshold. The tariff rate quota only applies to imports of steel melted and poured in Japan and excludes aluminum.
US steel users have welcomed recently inked deal for removal of 25% steel tariffs for import from Japan. Association of Equipment Manufacturers Senior Vice President of Government & Industry Affairs Mr Kip Eideberg said "AEM welcomes this announcement, but the Biden administration must expeditiously remove the remaining damaging tariffs put in place by President Trump. US manufacturers are still subjected to tariff rate quotas and 25 percent tariffs on steel and aluminum, while our foreign competitors continue to access the global market at better rates. We strongly encourage the Biden administration to remove all remaining Section 232 steel and aluminum tariffs on our trading partners and allies."The Coalition of American Metal Manufacturers and Users said “The US-Japan agreement to end the existing Section 232 steel tariffs for a certain amount of imported steel will increase the supply of steel in the US, which could help US manufacturers who continue to have long delivery delays and continue to pay the highest prices in the world. However, it is disappointing that the agreement will not completely terminate these unnecessary trade restrictions on Japan. As we are already seeing with the US.-EU agreement, where some steel products’ quota filled up for the year in the first two weeks of January, this type of government restriction on raw materials and intervention leads to market manipulations and allows for gaming of the system that puts this country’s smallest manufacturers at an even further disadvantage. CAMMU urges the Administration to include the same exclusion provisions provided for in the US EU agreement, automatically extending existing exclusions for two years and allowing for new exclusions when product categories reach their quota.”US has reached a new steel tariff agreement with Japan. Starting April 1, the US will accept up to 1.25 million tonnes of Japanese steel duty-free each year, then apply a 25 percent tariff on imports above that threshold. The tariff rate quota only applies to imports of steel melted and poured in Japan and excludes aluminum.
