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Japan agrees to new limit on its steel exports to US

The United States and Japan reached a compromise Thursday on steel trade, under which Japan will limit its steel exports to the US to 5.8 percent of apparent US consumption, a Foreign Ministry spokesman said.

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The figure compared with 5.1 percent of apparent US consumption last year, 6. 5 percent during the January-July period this year, and 6.3 percent on the average in the past 10 years.

Washington had agreed to revoke anti-dumping cases and to refrain from bringing further cases under the anti-dumping and other trade laws while the accord was in effect, the spokesman said.

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