The Japanese government is finalizing a plan to impose an extra duty of approximately 5 percent on imports from the United States of apparel, textiles, bags and leather goods, among others, as well as levying 30 percent duty on U.S. steel imports in retaliation of the continued U.S. "safeguard" restrictions on steel imports from Japan, according to the latest report in the Japan Economic Journal (JEJ).

The Japanese government, the report said, is expected to notify the World Trade Organization (WTO) of its planned action by the end of this month in the event the U.S. continues its import restrictions on foreign steel products under WTO''s safeguard clause, which the U.S. claims justifies its action. No comment is available from the Ministry of Economy, Trade and Industry (METI) at this time. The planned levy of counter tariffs by Japan reportedly would involve $97.3 million, or 10.7 billion yen at current exchange rate, per year.

The Japanese government is choosing those product categories such as apparel and textiles whose supply can be substituted from other markets even if a sharp decline occurred in imports from the U.S., it is reported.