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Japan imposes levies on U.S. steel

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In a weird echo of the trade war which occurred in the 1930's in the run-up to World War II, Japan is imposing retaliatory tariffs of 15% on American steel. No world war expected to result from this trade spat, however. Japan is complaining about the Byrd Amendment, intended to prevent dumping of low-cost foreign goods into the U.S. market.