The Japanese government will shortly notify the WTO that it will apply retaliatory duties worth up to 45 billion yen ($407 million) on U.S. products after not winning an exemption from America’s section 232 duties on steel and aluminum. That’s not a surprise, and comes after a failure of talks between Prime Minister Abe and President Trump to start bilateral trade talks. Japan’s exports of the products covered to the U.S. climbed 35% in March on a year earlier, and while they may have dropped 12% in April vs. March the annualized year-to-date increase is still 26%. That compares to th...