The Japan Times - US pushes against overproduction with eye on China at G20 meeting

EUR -
AED 4.163948
AFN 72.554608
ALL 91.801521
AMD 411.329571
ANG 2.029686
AOA 1040.710556
ARS 1728.843353
AUD 1.631558
AWG 2.043443
AZN 1.925507
BAM 1.952668
BBD 2.284445
BDT 139.45629
BGN 1.908469
BHD 0.427449
BIF 3395.345886
BMD 1.133671
BND 1.448158
BOB 13.649923
BRL 5.85904
BSD 1.134186
BTN 108.710611
BWP 15.978157
BYN 3.413479
BYR 22219.959723
BZD 2.281141
CAD 1.61241
CDF 2618.781002
CHF 0.946944
CLF 0.027958
CLP 1103.913016
CNY 7.600983
CNH 7.606102
COP 3762.848149
CRC 518.071218
CUC 1.133671
CUP 27.221333
CVE 110.815979
CZK 24.431638
DJF 201.476394
DKK 7.475962
DOP 67.440922
DZD 151.762358
EGP 58.881986
ERN 17.005071
ETB 185.266104
FJD 2.547643
FKP 0.858179
GBP 0.854556
GEL 2.953163
GGP 0.858179
GHS 13.25985
GIP 0.858179
GMD 83.325923
GNF 9974.998548
GTQ 8.6651
GYD 237.309319
HKD 8.89575
HNL 30.449289
HRK 7.535063
HTG 148.441876
HUF 366.461522
IDR 20330.129475
ILS 3.484509
IMP 0.858179
INR 108.793061
IQD 1485.796891
IRR 1920204.13412
ISK 137.004254
JEP 0.858179
JMD 179.502051
JOD 0.803744
JPY 178.359961
KES 146.991367
KGS 99.13809
KHR 4599.56073
KMF 493.14694
KPW 1020.304633
KRW 1536.872662
KWD 0.350169
KYD 0.945171
KZT 498.899687
LAK 25457.162745
LBP 101567.925342
LKR 374.798764
LRD 194.519676
LSL 18.575901
LTL 3.347436
LVL 0.685747
LYD 7.254363
MAD 11.011326
MDL 20.13743
MGA 4982.008083
MKD 61.471661
MMK 2380.256857
MNT 4080.276599
MOP 9.167575
MRU 45.425131
MUR 54.064412
MVR 17.515378
MWK 1966.641116
MXN 20.488849
MYR 4.626059
MZN 72.45283
NAD 18.575983
NGN 1504.665503
NIO 41.743038
NOK 10.902722
NPR 173.936978
NZD 2.012222
OMR 0.435898
PAB 1.134181
PEN 3.904636
PGK 5.133719
PHP 71.167926
PKR 314.206763
PLN 4.363541
PYG 6635.355855
QAR 4.134867
RON 5.272589
RSD 117.552646
RUB 94.519885
RWF 1674.691376
SAR 4.257518
SBD 9.106382
SCR 15.687504
SDG 681.902589
SEK 11.343187
SGD 1.44843
SHP 0.856862
SLE 27.945198
SLL 23772.51352
SOS 648.151688
SRD 42.650421
STD 23464.709405
STN 24.460869
SVC 9.92408
SYP 14739.996019
SZL 18.566217
THB 38.11408
TJS 10.446143
TMT 3.979187
TND 3.376864
TOP 2.729609
TRY 55.568833
TTD 7.69469
TWD 36.136677
TZS 2992.895957
UAH 50.664579
UGX 4445.887712
USD 1.133671
UYU 45.696897
UZS 13417.476277
VES 972.67766
VND 29432.377261
VUV 134.91629
WST 3.138592
XAF 655.957
XAG 0.018863
XAU 0.000273277549
XCD 3.063804
XCG 2.044121
XDR 0.801565
XOF 655.957
XPF 119.331742
YER 268.007209
ZAR 18.619805
ZMK 10204.403843
ZMW 22.174136
ZWL 365.041733
SSP 6476.202142
MXV 2.319293
  • RYCEF

    0.1000

    19.81

    +0.5%

  • VOD

    -0.2500

    16.33

    -1.53%

  • CMSC

    -0.2800

    20.12

    -1.39%

  • RBGPF

    -2.0000

    65

    -3.08%

  • RIO

    -0.2500

    94.16

    -0.27%

  • BTI

    -1.2000

    54.85

    -2.19%

  • NGG

    -0.3000

    74.94

    -0.4%

  • GSK

    -0.3500

    49.35

    -0.71%

  • BCE

    -0.4200

    20.14

    -2.09%

  • CMSD

    -0.3400

    19.93

    -1.71%

  • BP

    -0.9100

    43.52

    -2.09%

  • RELX

    0.1700

    33.24

    +0.51%

  • BCC

    -0.6200

    75.97

    -0.82%

  • AZN

    -1.9400

    164.21

    -1.18%

  • JRI

    0.0000

    10.77

    0%

US pushes against overproduction with eye on China at G20 meeting
US pushes against overproduction with eye on China at G20 meeting / Photo: KAMIL KRZACZYNSKI - AFP

US pushes against overproduction with eye on China at G20 meeting

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 lowering subsidies.

Text size:

The developments came as officials from the Group of 20 major economies convene in the Midwestern city of Milwaukee over two days, with a group of countries agreeing on a framework to counter "persistent" excess steel production.

This is a criticism often levied against China, with accusations that it produces more than it consumes, flooding markets. Beijing rejects these claims.

"We're releasing a Milwaukee framework to take coordinated action on steel excess capacity," top US trade official Jamieson Greer told reporters Wednesday.

"Every country will do what they think is appropriate. We want to coordinate those measures," Greer added. "The United States has taken robust measures, and it probably makes sense for other countries to do that too."

He did not elaborate if he meant for countries to raise trade barriers on Chinese steel.

Greer's comments came after a meeting of the Global Forum on Steel Excess Capacity, whose 28 members include the European Union, Australia, Japan and South Korea -- but not China.

Asked about his message to partners this week on overcapacity, China's international trade representative Li Chenggang told AFP that G20 members had yet to discuss the topic in earnest.

Besides plans to reduce or eliminate "market-distorting subsidies," members of the steel global forum also agreed to boost data sharing to help identify "suspicious patterns of steel trade," according to the framework.

It added that members would also take "trade measures," if needed, on countries that overproduce.

- Few breakthroughs -

G20 trade ministers toured a business in Milwaukee on Wednesday and are set for talks in the afternoon.

But US President Donald Trump's global tariffs cast a pall over their agenda, and have pushed countries to seek cooperation outside the world's biggest economy.

The talks come amid a deepening US-Canada trade war, waves of US tariffs and Trump's investigations into member countries over excess industrial capacity.

Analysts expect few breakthroughs as trade tensions simmer.

Countries are meanwhile seeking deals with the Trump administration, with India pushing to get a trade pact over the finish line.

The G20 trade ministerial comes after finance ministers met in Asheville, setting the stage for a leaders' summit in Miami.

Heading into talks early Wednesday, Polish Finance Minister Andrzej Domanski urged for a lowering of trade barriers.

"I do hope that our US partners will stick to all settlements that were made," he added, referring to an earlier deal between the United States and European Union to cap Trump's duties on the bloc at 15 percent.

Ongoing US investigations into overcapacity target 16 trading partners including China, the EU, Japan and India -- bringing the threat of additional tariffs even to those who earlier struck agreements.

Poland is not a permanent G20 member but has been invited to the table this year as Washington holds the grouping's rotating presidency. In turn, US officials have excluded South Africa.

Also on the agenda this week are efforts to eliminate forced labor in supply chains and the targeting of access to food supplies to pressure others.

Domanski on Wednesday condemned "all actions taken by Russia against the export of agriculture products from Ukraine," as Moscow and Kyiv remain at war after Russia's 2022 invasion.

Asked about existing deals to cut tariffs imposed by Trump in his second presidency, Greer told reporters Tuesday: "We will certainly take them into account."

On reaching a pact with Canada, where certain products now face a US ban due to their trade spat, Greer added: "It's not urgent for us."

"At some point will there be a deal? I mean, presumably," he said. "Eventually, it will happen."

The G20 comprises 19 nations plus the EU and the African Union.

M.Ito--JT