U.S. Tariffs May Cause Japan's Annual Crude Steel Production to Fall Below 80 Million mt

On March 24, Masashi Imai, president of Nippon Steel Corporation, stated at a press conference that the Trump administration's tariff hikes on steel, aluminum, and automotive products could reduce Japan's domestic crude steel production by several million mt annually, potentially bringing the total production below 80 million mt. On March 12 local time, the Trump administration officially implemented a 25% tariff on all steel and aluminum imported into the US. That afternoon, Yoshimasa Hayashi, Japan's Chief Cabinet Secretary, expressed regret and dissatisfaction at a press conference over the US government's imposition of stricter tariffs on steel and aluminum without granting Japan a "tariff exemption." Hayashi emphasized that importing Japanese products is "indispensable" for enhancing the competitiveness of US manufacturing and that Japan has made a "significant contribution" to US industries and employment.