Japan is ready to counter US steel import tariffs with its own levies on American goods if Washington doesn't remove the duties by month's end, a report said yesterday. \nThe government plans next week to formally announce the penalties, including a punitive 30 percent tariff on US steel and a 5 percent special tax on leather goods and clothes, Kyodo News reported. \nThe steps would be in retaliation for the 8 to 30 percent tariffs the US imposed on certain kinds of imported steel through March 2005. \nThe US tariffs were designed to give its battered steel industry breathing space to regroup and consolidate, but Washington's trading partners argued they were illegal. \nJapan and other countries this month won a ruling from the WTO that the tariffs violated international fair-trade regulations, clearing the way for the retaliatory steps. \nTokyo will notify the WTO of its intention to retaliate if Washington fails to withdraw the duties by the end of this month, Kyodo said, citing unidentified trade officials. \nKyodo reported Tokyo's penalties would amount to ?10.7 billion (US$98 million) a year, roughly equal to the financial damages suffered by Japanese steel producers from the US duties. \nJapan's trade ministry could not immediately be reached for comment. \nThe EU has also threatened to impose retaliatory sanctions of up to US$2.2 billion by introducing 100 percent duties on some US imports, effectively pricing those goods out of the EU market. \nNorway announced Friday it would give the US until Dec. 6 to lift tariffs on foreign steel or face a 30 percent penalty duty on American products.
SUPPLY CHAIN RESHUFFLE: The chipmaker was ‘cautious’ in not making commitments too early in building production in the US, citing ‘geopolitical factors,’ Nikkei Asia said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is considering building an advanced IC packaging plant in the US following a massive investment to set up a wafer fab in Arizona, Nikkei Asia reported. TSMC was considering the plant in response to “Washington’s desire to bring more of the tech supply chain onto home turf,” the report said. TSMC increasingly faces the need to expand in the US, which accounts for about 62 percent of its total sales, Nikkei Asia said, citing three sources who declined to be named. The potential US plant would be equipped with the latest 3D stacking technologies to arrange chips
As much as the US pines for the good old days of global semiconductor supremacy, Japan feels its loss of glory even more. Once a dominant name in electronic components, the nation has been overtaken by Taiwan, South Korea, and, more recently, China. Yet Tokyo might have a viable plan to revitalize its domestic sector. “Unlike the purely domestic, independent way it was done in the past, I think we need to cooperate with overseas counterparts,” Akira Amari, a former economy minister and senior member of the ruling Liberal Democratic Party, told Bloomberg News’ Isabel Reynolds and Emi Nobuhiro this week. That is
Apple Inc has hired Ulrich Kranz, a former senior executive at BMW AG’s electric vehicle (EV) division, to help lead its own vehicle efforts, people familiar with the situation said. The tech giant hired Kranz in recent weeks, about a month after he stepped down as CEO of Canoo Inc, a developer of self-driving EVs. Before cofounding Canoo, Kranz was senior vice president of the group that developed the i3 and i8 cars at BMW, where he worked for 30 years. Kranz is one of Apple’s most significant automotive hires, a clear sign that the iPhone maker is determined to build a
PLEDGE: The contract chipmaker said it would issue at least NT$2.5 a share each quarter and no less than NT$10 per share for the whole of this year Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday raised its proposed cash dividend for last quarter to NT$2.75 per share from NT$2.5 a year earlier, given the company’s increased earnings. That represents a payout ratio of about 51 percent based on its earnings per share of NT$5.39 in the first three months of this year. TSMC said that its board of directors approved the cash dividend distribution yesterday. The Hsinchu-based chipmaker reassured its investors that it intends to maintain a stable and sustainable dividend policy. The company said that it would issue at least NT$2.5 a share