US pushes against overproduction with eye on China at G20 meeting
MILWAUKEE: The United States is pushing for action against excess industrial capacity that drives prices down unfairly, Washington’s top trade envoy said Wednesday on the sidelines of a G20 meeting, with some countries – excluding China – agreeing to a plan that includes reducing subsidies.
Milwaukee hosted a G20 meeting where the United States advocated against excessive industrial capacity driving down prices unfairly, according to top trade envoy Jamie Greer. Some countries, excluding China, agreed to a plan involving reduced subsidies. Officials discussed a framework to counter persistent overcapacity in steel production, which Beijing denies.
The framework, released after a Global Forum on Steel Excess Capacity meeting, aimed at coordinated action and data sharing to identify suspicious steel trade patterns. If necessary, trade measures, such as tariffs, could be taken against overproducing nations. Despite the framework, analysts anticipate limited breakthroughs due to ongoing trade tensions, which include the US-Canada trade war and US investigations targeting 16 countries, including China, EU, Japan, and India.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
