US ‘severely disappointed’ in lack of G20 consensus on overproduction

The US G20 presidency expressed severe disappointment on Friday after some members rejected a draft ministerial statement addressing excess industrial capacity. This criticism is often directed at China. The statement, which aimed to eliminate structural excess capacity, was supported by all but a small number of members. US Trade Representative Jamieson Greer, who chairs the G20 trade ministerial meeting, stated that the G20 was disappointed by the refusal to agree to the statement. The statement did not specify which countries disagreed.

China objected to language in a finance ministers' statement calling for the elimination of non-market policies in September. When asked about the topic during the G20 talks, China's International Trade Representative, Li Chenggang, only stated that parties expressed their respective opinions.

G20 members also failed to reach a common position on eliminating forced labor from supply chains. Only Mexico and Argentina joined the US in issuing a statement condemning the practice. In earlier talks, Washington had cited forced labor concerns to impose tariffs on numerous economies, including G20 members. However, G20 trade ministers agreed that trade in food and agricultural products should not be used as a means of economic or political coercion, according to Greer's statement.