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Japan Seeks Exemption from Trump’s Steel and Aluminum Tariffs

The Japanese government has formally requested an exemption from the 25% tariffs on steel and aluminum imports imposed by U.S. President Donald Trump, officials announced on Wednesday.

The request was made through Japan’s embassy in Washington, following Trump’s decision to remove the duty-free quotas that Tokyo had previously enjoyed. The new measures increase aluminum tariffs from 10% to 25%, while maintaining a minimum 25% tariff on steel imports.

“Japan will firmly take necessary steps as we fully examine details of the new measures and their possible impact on the Japanese economy,” Chief Cabinet Secretary Yoshimasa Hayashi told reporters.

Hayashi suggested that Japan will actively lobby for an exemption before the tariffs take effect, hoping to preserve its competitive position in the U.S. market.

Japan’s Steel Industry Faces New Trade Barriers

The tariffs are part of Trump’s broader trade strategy, aimed at reducing reliance on foreign metals and boosting U.S. manufacturing.

Under former President Joe Biden, Japan was granted an annual duty-free quota of 1.25 million tons of steel. In 2024, Japan exported 1.18 million tons of steel to the U.S., according to the American Iron and Steel Institute.

The value of Japan’s steel exports to the U.S. was 302.7 billion yen ($2 billion) in 2024, making up 1.4% of Japan’s total exports to America. Aluminum exports were significantly smaller, according to government data.

Japan’s Next Steps

Tokyo is expected to intensify negotiations with Washington, emphasizing the importance of bilateral trade ties and the potential economic consequences of higher tariffs. Japanese officials may argue that such measures disrupt supply chains and harm American industries that rely on Japanese steel.

While Trump has taken a hardline stance on trade, Japan will likely seek a compromise or alternative arrangement to maintain its access to the U.S. market.

With the tariffs set to take effect soon, Japan faces a tight window to secure an exemption, as global trade tensions continue to shape economic policies under Trump’s leadership.

Business

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Business

Fraudsters are increasingly using AI-generated images and videos to trick people into handing over sensitive personal and financial information, according to FraudSMART, the financial crime awareness initiative operated by the Banking and Payments Federation Ireland (BPFI). The organisation has reported a rise in online adverts promoting fake, State-backed investment schemes. These scams often use fabricated images of well-known politicians and business figures to make the offers appear legitimate and encourage users to click on registration links. Niamh Davenport, head of financial crime at BPFI, said scammers are deliberately exploiting recent media coverage of a planned State-backed savings and investment scheme to give their frauds a sense of credibility. “They often claim the scheme is open to everyone, but that places are limited and being ‘snapped up’ fast, in order to pressure people to act quickly,” she said. “They typically promise guaranteed returns or a guaranteed monthly income.” FraudSMART said that while anyone can be targeted, people in their early 50s are particularly vulnerable to investment scams. This age group is often focused on retirement planning, making them more receptive to financial offers that appear secure or high-yield. According to the organisation, most scams follow a similar pattern. Victims are first directed to click a registration link and complete a short online form providing their contact details. They are then contacted by someone posing as a financial adviser, who urges them to make an immediate “security deposit” to secure participation in the scheme. Once a payment is made, the money is quickly moved through multiple accounts, often overseas, making recovery extremely difficult. Davenport warned that scammers are becoming more sophisticated in their use of technology, particularly AI tools that allow them to create realistic but entirely fake promotional content. These materials are designed to mimic legitimate financial advertisements and build trust with potential victims. Recent figures from An Garda Síochána show investment fraud rose by 20% last year, with losses exceeding €20 million. The scale of individual scams varies widely, ranging from smaller crypto-related frauds involving a few hundred euro to large-scale investment schemes where victims lose tens of thousands. FraudSMART is urging the public to remain cautious when encountering online investment advertisements, especially those promising guaranteed returns or requiring urgent action. It also advises consumers to avoid sharing personal information with unverified sources and to be wary of pressure tactics designed to rush financial decisions. Authorities continue to warn that fraudsters are adapting quickly, using advanced digital tools to target victims across multiple platforms.

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