Thursday, September 01, 2005

Japanese Tariffs on U.S. Steel Take Effect

September 1, 2005 11:30 a.m. EST
Hector Duarte Jr. - All Headline News Staff ReporterTokyo, Japan (AHN) - On Thursday, Japanese tariffs on U.S. steel imports took effect as part of Tokyo’s bid against American steel industry protection measures.The 15 percent tariffs, approved in August by the Cabinet, could amount to as much as 5.7 billion yen ($51 million), marking the first time Japan takes such retaliatory action against a trading partner.The target of the tariffs is the so-called Byrd amendment, a U.S. antidumping law ruled illegal by the World Trade Organization in 2003.Washington began imposing penalty tariffs on steel products from Japan, Brazil and other countries, alleging they were selling their products at unfairly low prices.Passed in October 2000, the Byrd amendment, named after West Virginia Sen. Robert Byrd, awarded American companies revenue collected by the U.S. government on such duties.This decision resembles similar moves by the 25-nation European Union and Canada, both which slapped penalty tariffs on millions of dollars worth of U.S. imports in retaliation for the amendment on May 1.Japan said the tariffs would not take effect if the amendment was halted by September 1, which it was not.

Check out stampingoutaliving, where Michael has been following this story for a while.

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