Japan Sets Retaliatory Duties on U.S. Bearings and Steel

Japan, as threatened, has put in place a series of countervailing / retaliatory import duties on U.S. bearings and steel, effective September 1, 2005. This marks Japan's first-ever use of retaliatory duties against any trading partner. Making the official announcement, Shoichi Nakagawa -- head of the Ministry of Economy, Trade and Industry (METI) -- said the cabinet passed the new duties as recommended by the Finance Ministry, but denied the retaliation would have any lasting impact on U.S. - Japanese trade relations