China · Japan · Nation Thailand
Japan Trade Minister, USTR reaffirm tariff cap arrangement
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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.
Key facts
- The special arrangement caps the combined rate of Washington's so-called reciprocal tariffs and existing levies at 15 % for Japanese products.
- 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.
Summary
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.