WASHINGTON—The U.S. and Japan have reached an agreement to allow the import of some Japanese-produced steel without application of Section 232 tariffs.
Under the tariff-rate quota agreement, which takes effect April 1, the U.S will not apply the 25-percent tariff to historically based volumes of Japan's steel products. Products included in the TRQ must be "melted and poured" in Japan in accordance with U.S. requirements and rules.
The agreement will be evaluated every three months with the first evaluation coming no later than July 1.
As with the agreement reached with the European Union last year, the 25-percent tariff on steel imports remain in place under Section 232 or the 1962 Trade Expansion Act, but will not be applied to the relevant volumes (1.25 million metric tons) of steel covered under the new TRQ.
"Today's announcement builds on the deal we struck with the EU and will further help us rebuild relationships with our allies around the world as we work to fight against China's unfair trade practices and create a more competitive global economy for America's families, businesses and workers," Commerce Secretary Gina M. Raimondo said in a statement.
