TOKYO, March 25 (Xinhua) -- Head of the Japan Iron and Steel Federation Tadashi Imai on Monday warned of significant impacts from the U.S. tariffs, stating that the country's crude steel output could fall below 80 million tons a year if all proposed tariffs were implemented.
Speaking at a press conference, Imai noted that increasing protectionism could further exacerbate the current global decline in steel industry, warning that Japan's market might face an influx of cheap steel materials.
The United States had already imposed a 25-percent tariff on steel and aluminum imports in March and was considering additional tariffs on automobiles in April.
Imai expressed the hope that the Japanese government would persist in negotiations at the political level to seek an exemption from the tariffs.
Regarding Nippon Steel's planned acquisition of U.S. Steel, Imai disclosed that discussions were ongoing to reach an agreement on investment conditions and future investment plans, reaffirming the commitment to making the acquisition a reality, local media reported.
The Japanese steelmaker recently filed a lawsuit against the U.S. government after it blocked the proposed merger on national security grounds.■