Japan is thinking about imposing tariffs on $409 million worth of U.S. exports. This comes as a response to the aluminum and steel import taxes that Trump’s administration imposed on them.
What Can We Expect?
This move would mean that Tokyo is ready to resist the U.S. duties. A move like this would also increase the crack in major economies that Donald Trump’s trade policies make. It threatens to slow business activity and global trade overall.
As a reminder, Japan is the only of U.S. allied countries that didn’t receive any exemptions from the President’s tax decision.
Convincing Washington to include Japan to an “exempted countries” list have failed over the past months. That might change, though, according to analysts.
The taxes that Tokyo is considering would be equal to the taxes that Washington imposed in the first place, said public broadcaster NHK on Thursday.
According to NHK, the government is expected to reveal the plan to the World Trade Organization this week, which is a necessary procedure.