The Finance Ministry said Tuesday it will end a retaliatory tax imposed on U.S. products in response to that country’s Byrd Amendment.
Under the amendment, the United States distributes revenue derived from antidumping duties collected from foreign companies to domestic producers.
The retaliatory tax will be removed at the end of the month, the ministry said at a meeting of the Council on Customs, Tariffs, Foreign Exchange and Other Transactions, an advisory panel.
The impact of the Byrd Amendment has been minor, Finance Minister Taro Aso said at a news conference, noting that the amount of money distributed to U.S. producers is now only ¥250,000 a year.
Aso said his ministry will consider resuming retaliatory duties if the United States tries to increase the amount.
Japan first imposed the retaliatory tax in 2005 because the United States refused to abolish the amendment in defiance of a ruling by the World Trade Organization that it was inconsistent with WTO agreements. Tokyo has employed the countermeasures since then.
REFERENCE: JAPAN TIMES
Under the amendment, the United States distributes revenue derived from antidumping duties collected from foreign companies to domestic producers.
The retaliatory tax will be removed at the end of the month, the ministry said at a meeting of the Council on Customs, Tariffs, Foreign Exchange and Other Transactions, an advisory panel.
The impact of the Byrd Amendment has been minor, Finance Minister Taro Aso said at a news conference, noting that the amount of money distributed to U.S. producers is now only ¥250,000 a year.
Aso said his ministry will consider resuming retaliatory duties if the United States tries to increase the amount.
Japan first imposed the retaliatory tax in 2005 because the United States refused to abolish the amendment in defiance of a ruling by the World Trade Organization that it was inconsistent with WTO agreements. Tokyo has employed the countermeasures since then.
REFERENCE: JAPAN TIMES
