MILWAUKEE: The United States is pushing for action against excess industrial capacity that drives prices down unfairly, Washington\u2019s top trade envoy said Wednesday on the sidelines of a G20 meeting, with some countries \u2014 excluding China \u2014 agreeing to a plan that includes reducing subsidies.<\/p>\n
The developments came as officials from the Group of 20 major economies convened in the Midwestern city of Milwaukee over two days, with a group of countries separately agreeing on a framework to counter \u201cpersistent\u201d excess steel production.<\/p>\n
Overcapacity is a criticism often leveled against China, with accusations that it produces more than it consumes, flooding markets. Beijing rejects these claims.<\/p>\n
\u201cWe\u2019re releasing a Milwaukee framework to take coordinated action on steel excess capacity,\u201d top US trade official Jamieson Greer told reporters Wednesday.<\/p>\n
\u201cEvery country will do what they think is appropriate. We want to coordinate those measures,\u201d Greer added. \u201cThe United States has taken robust measures, and it probably makes sense for other countries to do that too.\u201d<\/p>\n
He did not elaborate on whether he meant for countries to raise trade barriers on Chinese steel.<\/p>\n
The framework was released after a meeting of the Global Forum on Steel Excess Capacity. Its 28 members include the European Union, Australia, Japan and South Korea \u2014 but not China.<\/p>\n
Asked about his message to partners this week on overcapacity, China\u2019s international trade representative Li Chenggang told AFP early Wednesday that G20 members had yet to discuss the topic.<\/p>\n
Besides plans to reduce or eliminate \u201cmarket-distorting subsidies,\u201d members of the steel global forum also agreed to boost data sharing to help identify \u201csuspicious patterns of steel trade,\u201d according to the framework.<\/p>\n
It added that, if needed, members would also take \u201ctrade measures\u201d against countries that overproduce. Such measures could include tariffs.<\/p>\n","protected":false},"excerpt":{"rendered":"
MILWAUKEE: The United States is pushing for action against excess industrial capacity that drives prices down unfairly, Washington\u2019s top trade envoy said Wednesday on the sidelines of a G20 meeting, with some countries \u2014 excluding China \u2014 agreeing to a plan that includes reducing subsidies. The developments came as officials from the Group of 20 …<\/p>\n","protected":false},"author":4,"featured_media":103764,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-103751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/103751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=103751"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/103751\/revisions"}],"predecessor-version":[{"id":103765,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/103751\/revisions\/103765"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/103764"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=103751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=103751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=103751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}