The Japanese government moved yesterday to formally approve a set of retaliatory duties on American exports to be invoked if the US doesn't back away from steel tariffs ruled unfair by the WTO.
A Finance Ministry council on tariffs was expected to give final approval for the punitive measures at a meeting yesterday afternoon, said trade official Yoshikage Shiote.
The penalties under consideration would reportedly amount to almost US$100 million per year, roughly equal to the losses suffered by Japanese producers from duties of up to 30 percent imposed by Washington in March last year to give the battered US steel industry time to regroup.
Shiote declined to comment on the specifics of the measures ahead of that meeting.
Japanese Trade Minister Shoichi Nakagawa has said his country would inform the WTO of plans for "countervailing measures" by the end of this month.
Japanese media have reported the sanctions would amount to ?10.7 billion (US$98 million) per year and include new tariffs of 30 percent on US steel products and gasoline and 5 percent on clothing and leather products.
According to those reports, the Japanese government will invoke the tariffs if Washington doesn't remove its "safeguard" duties on steel by month's end.
Meanwhile, South Korea may level retaliatory measures on American products if the US doesn't drop steel duties deemed unfair by the WTO, a trade official said yesterday.
South Korea's response has not been finalized, but it could entail "rebalancing measures against certain American imports," the Ministry of Foreign Affairs and Trade official said on condition of anonymity.
South Korea exported US$874 million worth of steel products to the US last year. It expects to sell more on the US market if Washington removes the import barrier.
The South Korean trade official said yesterday Seoul is weighing its own tariffs and duties, but would not say what kind of US products could be affected.
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