Japan seeks exemption from Trump's steel and aluminum tariffs

According to Asahi newspaper, Yuichi Moto, Japan's Minister of Trade, plans to visit the United States in March and request an exemption from the Trump administration's proposed import tariffs on steel and automobiles. Moto is arranging meetings with Howard Lutnick, the new U.S. Secretary of Commerce, Chris Wright, the Secretary of Energy, and other senior officials to discuss plans for increased purchases of U.S. natural gas and also to talk about Nippon Steel’s efforts to acquire U.S. Steel. Japan has requested that it be exempted from the steel and aluminum tariffs, Moto announced last week. Following U.S. President Donald Trump’s remarks about imposing a 25% tariff on car imports starting in April, Japanese officials reminded Washington of the importance of the automotive industry to Japan's economy. Automakers like Toyota, Honda, and Nissan, along with their suppliers, employ over 5 million people in Japan, accounting for about 8% of the country’s workforce, according to a business group report. The transportation machinery sector, including automobiles, contributes about 3% of Japan's GDP, a government report released on Wednesday noted, highlighting the potential impact of the tariffs. About 90% of Japanese companies consider Trump’s policies to be detrimental to their business environment, according to a Reuters survey of major Japanese firms. Moto plans to travel to the United States before March 12, when the 25% tariffs on steel and aluminum imports are scheduled to be implemented. However, his schedule could change depending on Japan's parliamentary budget meetings, according to the Asahi report, which cited several anonymous government sources.