Japan and USA have agreed to start negotiating on steel and aluminum

Japan and the United States agreed on Monday to begin talks on resolving US tariffs on steel and aluminum imports from Japan. The Japanese Ministry of Commerce announced this on Monday after a meeting between Minister Koichi Hagiud and US Secretary of Commerce Gina Raimond. However, no concrete measures to resolve the duties were discussed, Hirojuki Hatada, a representative of the Japanese Ministry of Economy, Trade and Industry, told reporters. The United States announced on Friday that it will open talks with Japan, which could lead to the release of tariffs on imports of steel and aluminum. They cast a shadow over trade relations between the two allies. At the talks, US Secretary of State Raimond and her Japanese counterpart emphasized the importance of cooperation between the world's largest and third largest economies. "Relations between the United States and Japan are critical to common economic values," Raimond said in a short comment. It also called for cooperation in various areas, including semiconductors and supply chains, as the lack of chips and problems with their production are hampering the recovery of advanced economies from the new coronavirus pandemic. In 2018, the administration of former US President Donald Trump introduced 25 percent tariffs on steel imports and 10 percent tariffs on aluminum from several countries, including the European Union and Japan. "Details will come later," Hirojuki Hatada said. "If tariffs are abolished, it will be the perfect solution for Japan," he added. The US agreement with the European Union does not go that far. Instead of abolishing customs duties, the United States will allow the import of a limited number of European steel and aluminum products duty-free. According to the World Steel Association, Japan and the United States are among the world's leading steel producers, after China, the EU and India. Raimond and Haguida also pledged to address "market-distorting measures to combat unfair trade practices". This is probably related to China, which Washington has accused of threatening the American steel and aluminum industries.