TOKYO: Japan’s steel industry said on Monday the US Commerce Department proposal to President Donald Trump to impose curbs on steel imports violate the principles of free trade, calling for Washington to make a careful and appropriate decision.
The US Commerce Department recommended on Friday that Trump impose steep curbs on steel and aluminum imports from China and other countries, ranging from global and country-specific tariffs to broad import quotas.
“The recommendations violate the principles of free trade, which are the foundation for development and prosperity of the global economy,” Japan Iron and Steel Federation Chairman Kosei Shindo said in a statement.
“We hope Trump would make a careful and appropriate judgment,” said Shindo, who also heads Japan’s biggest steelmaker Nippon Steel & Sumitomo Metal Corp.
Yasuji Komiyama, director of the metal industries division of Japan’s Ministry of Economy, Trade and Industry, on Monday declined to comment on the US Commerce Department’s proposal, saying a US final decision has not been reached.
“But Japan believes any steel and aluminum imports by the US from Japan do not pose any threat to the US national security,” he said.
Japan exports about 2 million tons of steel products a year to the US, only about 5 percent of its total steel shipments abroad, but the nation’s steelmakers are concerned over the US trade policy.
“My biggest fear is how far President Trump will close down trade,” Eiji Hayashida, president of JFE Holdings Inc, Japan’s No.2 steelmaker, said last week.
“If the US takes action (to curb imports), it may trigger retaliation by other countries. What is most troublesome is to see the world heading to protectionism,” he said.
Nippon Steel’s senior executive also said the company is worried that US trade action could flood Asia with steel products as there is nowhere else for them to go.
“I don’t know if a US move would really make US steelmakers, steel users and consumers happy,” Kiyoshi Imamura, Managing Director at Tokyo Steel Manufacturing, Japan’s top electric-arc furnace steelmaker, said on Monday.
Some US lawmakers and steel and aluminum users have urged caution in taking any trade actions that could cause disruptions or price spikes in raw materials that are found in everything from autos to appliances and aircraft and construction.
Japan’s steel industry urges Trump to make careful trade decision
Japan’s steel industry urges Trump to make careful trade decision
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
