U.S. Eliminates Tariffs for Bulk of Japanese Steel Imports

Raw materials prices have been unstable at best and crippling at worst throughout the pandemic. But there is hope on the horizon for those looking for more affordable steel.

According to the Wall Street Journal, the United States has agreed to toss out tariffs on up to 1.25 million metric tons of Japanese steel imports per year. Aiming to reduce prices and strengthen relations, the agreement removes a 25 percent duty on steel imported from across the Pacific.

These tariffs date back to 2018 when the Trump administration enacted duties on both Japanese steel and aluminum – citing cheap metal imports as a potential national security risk. Both sides are still working toward an agreement to similarly reduce the 10 percent tariff on aluminum.

News sources report that the deal will take effect on April 1, 2022. Scarbrough International import experts are standing by to help.