The Biden administration announced an agreement Monday with Japan to temper a Trump administration steel tariff that tested U.S. relationships with allies and close trading partners.
The arrangement comes a little more than three months after the administration struck a deal with the European Union setting tariff-rate quotas that exempt imported steel products from a 25 percent tariff and aluminum from a 10 percent tariff as long as the volumes are below agreed-upon levels.
In a joint statement, Commerce Secretary Gina M. Raimondo and U.S. Trade Representative Katherine Tai said the agreement with Japan will allow steel products from that nation into the U.S. without the 25 percent tariff imposed under Section 232 as long as the volume does not exceed historically based volumes.
