Japan Trade Minister, USTR reaffirm tariff cap arrangement
Japan and US trade chiefs reaffirmed that no additional tariffs exceeding last year's bilateral agreement will be imposed on Japanese goods.
The confirmation at their meeting in Washington came at a time when the US government is preparing to introduce a new tariff, targeting overproduction, under Section 301 of the US Trade Act of 1974.
The special arrangement caps the combined rate of Washington's so-called reciprocal tariffs and existing levies at 15 % for Japanese products.
"Last year's agreement remains unchanged, and the two sides confirmed once again that they will continue working on its implementation," Japanese trade minister Ryosei Akazawa told a press conference after the meeting with US Trade Representative Jamieson Greer.
In July this year, the United States imposed tariffs of 10 % or 12.5 % on 60 economies, including Japan and China, alleging that their governments have not taken sufficient measures against goods made with forced labour.
Washington is conducting Section 301 investigations into Japan and 15 other economies regarding overproduction. It is believed to be mulling a 7.5 % additional tariff on China, and Japan may also be subject to fresh levies.
Akazawa met with US Commerce Secretary Howard Lutnick on Thursday to discuss progress in the implementation of Japan's pledged investments and loans of up to 550 billion dollars in the United States.
"Amid the growing presence of the artificial intelligence and semiconductor industries, the weight of these sectors is becoming very large when considering investment in the United States," Akazawa said at the press conference.
[Copyright The Jiji Press, Ltd.]
