Japan Supports EU In Its Efforts To Negotiate US Tariffs Within WTO

Forex News

Earlier, the United States set a 25% tariff on steel imports and a 10% tariff on aluminum imports for its closest trade allies. The US says that tariffs are needed to protect national security and US workers. Many countries say that their steel exports do not pose a threat to US national security, and tariffs are aimed at limiting excess capacity in China.

The EU, Canada and Mexico have prepared reciprocal tariffs against US imports, which has increased the likelihood of a full-scale trade war. Until now, Japan has not taken such steps, but in Tokyo there is a long-standing concern about whether Washington will try to limit Japan's imports in order to reduce the US trade deficit.

It is reported that Japan supports the European Union in its efforts to negotiate the settlement of disputes with the United States on steel and aluminum tariffs within the World Trade Organization (WTO). Japan has told the WTO it wants to participate in similar consultations requested by Canada and Mexico as it looks to join forces with countries affected by US tariffs. It is uncertain whether the United States will agree to the request for talks.