According to foreign media, the United States and Japan have reached an agreement to cancel some additional tariffs on steel imports. It is reported that the agreement will come into force on April 1.
According to the agreement, the United States will stop levying 25% additional tariffs on a certain number of steel products imported from Japan, and the upper limit of duty-free steel imports is 1.25 million tons. In return, Japan must take effective measures to support the United States to establish a “more equitable steel market” in the next six months.
Vishnu varathan, senior economist and head of economic strategy at Mizuho bank in Singapore, said that abolishing the tariff policy during the trump administration was in line with the Biden administration’s expectation of adjusting geopolitics and Global trade alliances. The new tariff agreement between the United States and Japan will not have much impact on other countries. In fact, it is a kind of relationship compensation in a longer-term trade game