US targets China’s steel capacity at G20 days after Xi’s state visit
US Trade Representative Jamieson Greer on Wednesday proposed a new global framework to tackle excess steel production capacity on the sidelines of the ongoing Group of 20 Trade Ministers’ meeting, just days after Chinese President Xi Jinping’s state visit to the United States. “The United States has taken robust measures, and it probably makes sense for other countries to do that too,” Greer said…
U.S. Trade Representative Jamieson Greer proposed a new global framework to address excess steel production capacity, following Chinese President Xi Jinping's visit to the United States. The "Milwaukee Framework," led by the G20 presidency, aims to encourage countries to strengthen trade barriers against steel imports by reducing market-distorting subsidies and sharing information on non-market policies.
The U.S. steel industry is currently experiencing a "renaissance," Greer stated, due to factors like tariffs, trade deals, and favorable tax treatment. The Group of 28, the GFSEC, includes countries like Canada, Mexico, Japan, South Korea, France, and Germany, but not China. China has faced criticism for its steel production and exports, which have been subject to tariffs and anti-dumping duties from multiple nations.
The U.S. has recently expanded tariffs on steel imports from various countries, including China, Canada, Mexico, and Brazil. Despite maintaining a fragile trade agreement with Beijing, the U.S. is using its G20 presidency to highlight China's global trade surplus and rally other members against what it perceives as excessive imbalances.
China's current account surplus has been described as "unsustainable" by U.S. Treasury Secretary Scott Bessent, with Beijing rejecting the allegation.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
