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Japan unveils retaliatory measures for U.S. steel tariffs
Tokyo, Nov 26: Japan threatened today to impose USD 85 million in retaliatory duties on American imports unless the United States backs away from steel tariffs ruled unfair by the World Trade Organisation.
Tokyo, Nov 26: Japan threatened today to impose USD 85 million in retaliatory duties on American imports unless the United States backs away from steel tariffs ruled unfair
by the World Trade Organisation.
The threat followed one delivered earlier this month by
the European Union and, if carried out, would be the first
time Japan has adopted such sanctions against imports from its
biggest trading partner.
A finance ministry official said the government would officially notify the WTO today of a list of "rebalancing tariffs" of up to 30 per cent it plans to slap on American products including steel, plastics and clothing.
Under WTO rules, Japan must wait 30 days before it can impose those punitive duties, the official said on condition of anonymity. Prime Minister Junichiro Koizumi's cabinet will make the final decision about whether to press ahead with retaliation.
The official briefed reporters after a finance ministry committee formally approved a list of sanctions for submission to the Geneva-based trade watchdog this afternoon.
Their value - USD 85.2 million - is roughly equal to the estimated losses suffered by Japanese steelmakers due to "safeguard" tariffs imposed in March 2002 by us president George W. Bush's administration, the ministry official said.
A finance ministry official said the government would officially notify the WTO today of a list of "rebalancing tariffs" of up to 30 per cent it plans to slap on American products including steel, plastics and clothing.
Under WTO rules, Japan must wait 30 days before it can impose those punitive duties, the official said on condition of anonymity. Prime Minister Junichiro Koizumi's cabinet will make the final decision about whether to press ahead with retaliation.
The official briefed reporters after a finance ministry committee formally approved a list of sanctions for submission to the Geneva-based trade watchdog this afternoon.
Their value - USD 85.2 million - is roughly equal to the estimated losses suffered by Japanese steelmakers due to "safeguard" tariffs imposed in March 2002 by us president George W. Bush's administration, the ministry official said.
Bureau Report