Japan, U.S. to Start Steel Talks: Japan...

Japan, U.S. to Start Steel Talks: Japan and the United States will begin negotiations in Tokyo today on a new quota for Japanese steel exports to the United States, the Ministry of International Trade and Industry said. Ministry officials said both sides will present their basic positions and full-scale talks will start later this month. The session stems from a U.S. decision to extend the five-year voluntary restraint agreements with major steel producing countries for 2 1/2 years. The current arrangement, which expires Sept. 30, limits U.S. steel imports from the European Community, Japan, South Korea and 17 other countries to 18.5% of total domestic consumption. Ministry officials said Japan will ask the United States not to reduce Japan’s quota, now set at a maximum of 8.5% of U.S. consumption.