Trump plans to add another 25% tariff on steel and aluminum products from Japan
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Japan’s Prime Minister Shigeru Ishiba is planning his visit to the US right before the mid-month G7 summit. With the trip, he hopes they can arrive at a better trade deal for the two countries.
Trump plans to add another 25% tariff on steel and aluminum products from Japan
Japan is looking at a 24% tariff on its exports to the US starting next month if it fails to reach a deal with Washington.
The nation is already facing a separate 25% tariff on its automobiles, steel, and aluminum products and a 10% baseline tariff, which Ishiba has termed a “national crisis.”
Unfortunately, the tariff situation could worsen for Japan, with President Trump stating on Friday that he could increase tariffs on steel and aluminum to 50%. Akazawa even refused to comment on the planned double tariffs imposition, claiming that Trade Secretary Howard Lutnick and Treasury Secretary Scott Bessent had not brought them up in their last round of talks.
He, however, stated that both sides agreed to expedite talks and hold another round of negotiations from June 15 to 17 in Canada.
Akazawa added that he was still closely watching Nippon Steel’s possible deal for US Steel. However, he claimed he could not give any details on the ongoing talks since the US administration had yet to give an official statement.
On the same day, President Donald Trump told reporters Friday that the Nippon Steel acquisition deal was still in the works and needed his approval. He stated that Nippon had shown their commitment, and their deal could mark the “largest investment in the history of Pennsylvania in any deal, not just steel.”