USTR, Commerce to Work Intensively with China as OECD Fails to Yield Steel Commitments
Despite the inability of this week’s high-level meeting of the Organization of Economic Cooperation and Development in Brussels to secure serious Chinese commitments to help reduce excess global steel capacity, U.S. Trade Representative Michael Froman and Commerce Secretary Penny Pritzker…
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pledged to work “directly” with Beijing on the issue in bilateral and multilateral fora in the “weeks and months ahead,” the Office of the U.S. Trade Representative said (here). “As we heard at a hearing last week on overcapacity convened by the Administration, the viability of the global steel industry has come under intense pressure from excess production and capacity in China, and there are already significant human costs associated with the current steel market downturn,” Froman and Pritzker said in a joint statement. “This is a global issue and meaningful solutions will require global action, including from steel-producing countries, especially China.” Governments directly affected by global steel overcapacity will have “no choice” but to take trade remedy action against China unless the country acts decisively to reduce excess capacity, Froman and Pritzker said.