New Pact Signed Limiting Japanese Steel Exports to U.S.
Japan and the United States have officially signed a new voluntary restraint agreement limiting Japanese steel imports to between 5% and 5.3% of total U.S. consumption for 30 months retroactive to last Oct. 1, the Foreign Ministry announced today.
The new agreement, signed in Washington, replaced one that expired at the end of September.
Japan will limit its steel exports to the United States to 5% of the U.S. consumption for the first 15 months. The ceiling will be raised to 5.3% in the following 15 months.
Japanese officials said the new arrangement may be extended beyond 1992 if international rules being negotiated in the Uruguay Round of multilateral free trade talks fail to apply to steel trade.
The United States has already signed similar agreements with eight major steel-exporting countries.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
