The Empire Strikes Back: Japan Jacks Up US Beef Import Tariffs To 50%

President Donald Trump’s decision to withdraw the US from the 12-nation Trans Pacific Partnership angered the Japanese, provoking fears of a bruising trade showdown between the world’s largest and third-largest economies. On Friday, the Japanese instituted a new policy that will do little to assuage those concerns.
After Japan signed a sweeping trade agreement with the European Union, a move that pundits warned would weaken the US’s position as a dominant player in the global economy, the country has taken another dramatic step clearly aimed at retaliating against the US: Japan said it would impose a temporary 50% tariff on frozen beef from the US and several other countries.

This post was published at Zero Hedge on Jul 28, 2017.