Yen’s recent surge may hurt customers such as carmakers

TOKYO: Nippon Steel & Sumitomo Metal Corp, Japan’s biggest steelmaker, is worried that potential US trade action to cut steel imports could flood Asia with products and that the yen’s recent surge may hurt customers such as carmakers.

US President Donald Trump said early last week he was considering a range of options – including tariffs and quotas – to address steel and aluminium imports he said were unfairly hurting US producers.

In the latest step, the US Commerce Department last Friday recommended that Trump impose steep curbs on steel and aluminium imports from China and other countries, ranging from global and country-specific tariffs to broad import quotas.

...

Full Article on TheStar