The United States and Japan recently set a framework to discuss the ongoing U.S. tariffs dispute over Japanese steel and aluminum, a commerce official said.
U.S. Secretary of Commerce Gina Raimondo, in her opening remarks before a meeting with Japan economy, trade and industry minister on Nov. 15, said the time is ripe to settle the matter.
"It is so important for both of our countries and coordination in these key areas is essential for our global economic recovery, and our ability to seize our opportunities in a post-pandemic world," Raimondo said in an Associated Press news story.
Raimondo added that "the Department of Commerce’s commitment to Japan is unwavering, as is our desire to strengthen our economic partnerships with like-minded countries."
The secretary’s comments followed an official Commerce Department statement issued Nov. 12 that the U.S. and Japan are working together to address global steel and aluminum excess capacity.
The two countries will try "to resolve bilateral concerns in this area," the news release issued jointly by Raimondo and U.S. Trade Representative Katherine Tai said. Those concerns include "application of Section 232 measures, trade flows, and the sufficiency of actions that address steel and aluminum excess capacity."
The aim is to find "mutually beneficial and effective actions to restore market-oriented conditions and preserve our critical industries," the release said.
A key concern mentioned is the impact U.S. industries have sustained from "global non-market excess capacity" that the news release said was driven largely by China. Future measures are geared towards curbing these practices.
"The distortions that result from this excess capacity pose a serious threat to the market-oriented U.S. steel and aluminum industries and the workers in those industries," the news release said. "The United States and Japan have a historic alliance, built on mutual trust and respect, and reflecting shared values and a strong commitment to resolving global challenges through closer cooperation."
