The U.S. and Japan are set to announce an agreement Monday that will end tariffs imposed on Japanese steel under former President Donald Trump, people familiar with the situation said.
Washington will suspend the 25% levy on incoming steel imports from Japan up to a certain threshold, with anything beyond that still subject to additional charges, according to the people who declined to be identified because the details are private. The solution mirrors the accord that the U.S. reached with the European Union in October that ended punitive measures on as much as $10 billion of each other’s goods.
The truce doesn’t cover aluminum imports, which remain subject to a 10% tariff, the people said. Japan is the fifth-largest source of U.S. steel, according to Commerce Department data.
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