Tags: Trump Administration | japan | trump | tariff | steel

Japan Steel Industry Urges Trump Not to Impose Tariffs

Image: Japan Steel Industry Urges Trump Not to Impose Tariffs
(AP)

Friday, 02 March 2018 03:35 PM

Japan's steel industry Friday urged US President Donald Trump not to impose steep tariffs on imports and warned the move could trigger a trade war.

"It is our view that the tariff increase ... is a market-distorting measure which would cause serious harmful effects not only on steel exports from Japan but also on steel trade worldwide," Kosei Shindo, chairman of the Japan Iron and Steel Federation, said in a letter to Trump.

Shindo said Trump's move risked prompting other countries to use the national security rationale to impose their own tariffs.

"It is likely that US actions ... will create a negative chain reaction affecting not only steel but also other products considered to have national security implications, with other countries taking similar actions under similar pretenses," he said in the letter which was posted on the federation website.

Trump triggered a furore on Thursday by announcing he would set tariffs of 25 percent on steel and 10 percent on aluminium to protect US producers.

Shindo called on Trump to "exercise fair and sound judgment not to impose tariffs or other restrictions on imported steel".

"Maintaining the principle of free trade is vital for sustainable economic growth and that principle should be fully respected," he said.

The US only accounted for five percent of Japanese iron and steel exports in 2016, far behind its main markets in South Korea and China.

bur/mtp

© AFP 2018

   
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Politics
Japan's steel industry Friday urged US President Donald Trump not to impose steep tariffs on imports and warned the move could trigger a trade war."
japan, trump, tariff, steel
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2018-35-02
Friday, 02 March 2018 03:35 PM
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