Tokyo will tell the World Trade Organization on Friday that it intends to levy retaliatory tariffs on U.S. steel imports worth $4.88 million, according to an official of the Ministry of Economy, Trade and Industry.
Tokyo intends to put the retaliatory curbs into effect on June 18, the official said. The United States' steel curbs were introduced March 20.
The plan was announced after a telephone conference between trade minister Takeo Hiranuma and United States Trade Representative Robert Zoellick earlier in the day failed to resolve the dispute. Hiranuma and Zoellick agreed to continue negotiating, however, and any action taken by Tokyo depends on the outcome of those talks, the official said.