Japan, Australia seek exemption from U.S. steel, aluminum tariffs
Investing.com -- Japan and Australia are urging the U.S. to exempt them from the impending tariffs on imported steel and aluminum. These tariffs, set by President Trump, are scheduled to be reinstated next month on allied nations.
Japanese Trade Minister Yoji Muto confirmed the exemption request with reporters on Wednesday. Australian Prime Minister Anthony Albanese told reporters that he had submitted Australia's request over a call with Trump, which has since been reported to be under great consideration.
Earlier this week, Trump announced that he would no longer permit exceptions to his 2018 tariffs on steel and aluminum. These tariffs were maintained by the Biden administration. Both Trump and President Biden had provided exemptions or duty-free import quotas for several key U.S. trading partners. These partners include Canada, Mexico, South Korea, Brazil, and the European Union. The major argument for lack of exemptions is that they can allow countries that are still subject to the duties to avoid them by shipping metal duty-free to the U.S. through exempted nations.
In 2018, Trump granted Australia an exemption from these duties. In 2022, Biden permitted up to 1.25 million metric tons of steel from Japan to enter the U.S. annually without the 25% tariff. However, starting March 12, countries with exemptions or quotas will face 25% tariffs on steel and aluminum.
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