Japan inched closer to a showdown with the U.S. over steel trade Wednesday, releasing a list of American goods it plans to raise tariffs on in retaliation for ongoing U.S. "safeguard" restrictions on steel imports.
The Finance Ministry's Council on Customs, Tariffs, Foreign Exchange and Other Transactions endorsed plans to impose additional tariffs of 30 percent on U.S. steel and related products unless the U.S. complies with a recent ruling by the World Trade Organization and lifts the import curbs, said Masahiko Hara, director of the ministry's trade policy and legal division.
The WTO ruled Nov. 10 that the tariffs violate principles of international trade, clearing the way for retaliatory steps by Japan, the EU and six other WTO members.