Japanese Industry Minister Says Japan Highly Likely to be Exempt from Recent US Tariffs

Japan’s industry minister said Tuesday he thinks that Japanese products are “highly likely” to be exempted from the planned stiff U.S. tariffs on steel and aluminum imports to be imposed later this week.

Japanese steel and aluminum products “are helping U.S. industries, and there are many products that have no replacements,” Hiroshige Seko told a press conference in Tokyo.

U.S. President Donald Trump has signed an executive order imposing tariffs of 25 percent on imported steel and 10 percent on aluminum from Friday.

On Monday, the U.S. Department of Commerce began accepting from domestic industries requests for exempting items that cannot be produced within the country.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza