On 12th November 2021, the United States stated that it had initiated dialogue with Japan focused on diminishing US tariffs on metal imports like aluminium and steel, which were imposed under former President Donald Trump, following Washington attainted a deal on the same metal tariff issue with the European Union.
Katherine Tai, the US Trade Representative and Gina Raimondo, Commerce Secretary specified ‘distortions’ engendered by global overproduction propelled by China, said: “The United States and Japan will seek to resolve bilateral concerns in this area.”
However, before targeting focus towards Beijing, Tai and Raimondo stated: “The United States and Japan have a historic alliance, built on mutual trust and respect.”
“These consultations present an opportunity to promote high standards, address shared concerns, including climate change, and hold countries like China that support trade-distorting nonmarket policies and practices to account.”
The US officials further added: “The market distortions from global non-market excess capacity ‘driven largely’ by China pose a serious threat to the market-oriented US steel and aluminium industries and the workers in those industries”
US initiates dialogue with Japan focusing on aluminium tariffs
The US Commerce Secretary is anticipated to be in Tokyo next week for discussions with Japanese officials. Gina Raimondo’s first official Asian trip will also take her to Malaysia and Singapore, where she will be meeting with the officials from Australia and New Zealand.
The former President, Donald Trump imposed tariffs of 25% on steel and 10% on aluminium from multiple nations in 2018, including the European Union and Japan.
The claim that was quoted by Trump on national security grounds was highly rejected by the critics.
The United States and the EU declared a few days earlier that they would withdraw those tariffs, commenting on it, President Joe Biden called a ‘new era in transatlantic cooperation.
Outlook for the Indian Aluminium Industry
The dispute on tariffs had disrupted the trade relationship between Washington and Brussels. The fresh US-EU deal will permit limited quantities of European steel and aluminium products to be imported by the United States without tariffs.
The US-EU deal will allow restricted volumes of European aluminium and steel products to be imported by the United States without any tariffs. However, in reciprocating the European Union is unfastening threatened retaliatory measures, which had been decided to be imposed from 1st December 2021.
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