Japan to put 15% tariffs on U.S. steel imports

TOKYO — Japan will slap 15 percent levies on U.S. steel starting Sept. 1 in retaliation for U.S. duties imposed on Japanese products, a trade-ministry official said today.

The tariffs could run up to $51 million, said the official, Etsuo Sato.

Japan has demanded the repeal of duties the United States put on Japanese steel products under the Byrd amendment, an antidumping law ruled illegal by the World Trade Organization.

Japan imports secondary steel products, such as ball bearings, from the U.S.

The United States placed tariffs on hot-rolled steel from Japan, Brazil and other nations starting in 1999 on allegations that those countries were selling at unfairly low prices.

The World Trade Organization ruled in 2003 that the U.S. measure unlawfully protected the U.S. steel industry. When it was not repealed by the end of that year, Japan, the European Union and six other countries won the right to impose a total $150 million in economic sanctions against the United States.

CNOOC

Decision reportedly near on Unocal bid

CNOOC may make a decision as early as Wednesday on whether to keep its $18.5 billion bid for Unocal alive amid political opposition in the United States, the Financial Times reported today, citing a person close to the situation.

If the Unocal board agrees to help CNOOC in Washington, D.C., the Chinese company may raise the bid, the report said.

Chevron is offering $17 billion for Unocal, having upped its bid to counter CNOOC.

Microsoft

Barron's says stock cheap, set to grow

Shares of Microsoft are cheap and poised for future growth, Barron's reported in its latest edition.

Although Microsoft stock has been "dead money" in recent months, the company during the past five years has had far brisker growth than most other large tech companies, Barron's said.

Microsoft shares closed at $25.61 Friday.

Compiled from The Associated Press, Bloomberg News and Reuters