US, Japan Steel Trade Deal
The US and Japan have announced a deal to remove US import tariffs from about 1.3 Mt of Japanese steel imports annually newswires report. Due to take effect on 1 April, the agreement follows a similar deal made with the EU that took effect on 1 January however, the Japanese deal excludes aluminum. As part of the agreement Japan will also be required to take steps to combat global excess steel production capacity. The US imported 1.0 Mt of steel from Japan in 2021, according to official data. This compares with a peak of 2.4 Mt achieved in 2014.