Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit

Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit

Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit

Earlier this week, Abe and representatives of the European Union signed a political agreement for a trade deal that will cover more than a quarter of global economic output.

"The premise of that report we will use as an opportunity to talk with many of our trading partners around the world about what's going on in steel", Cohn told the publication.

Last week China panned the Trump administration's proposed approach, which would impose new hurdles for Chinese steel producers that are already subject to more than 100 USA antidumping and countervailing duties. "We are prepared to take up arms if need be".

According to a report from the International Trade Administration, China is not among the top 10 sources for United States imported steel.

Trump pledged repeatedly during his election campaign to take a tough stance on Chinese trade practices deemed unfair to the United States, but his rhetoric softened after a friendlier-than-expected summit with Xi. For example, U.S. Steel went up 8% in June.

Also, invoking national security is all but taboo at the World Trade Organisation, the arbiter of worldwide trade rules, because it is largely seen as a way to wage economic warfare by citing arbitrary defense concerns.

"There's a big difference between being unpredictable with your adversaries and being erratic with your friends and allies", said Daniel Price, former worldwide economic affairs adviser to President George W. Bush, who helped organize the first G-20 summit in 2008. South Korea supplies 12 percent of USA steel imports, while Mexico supplies 9 percent, Turkey and Japan supply 7 percent, respectively, Russian Federation supplies 6 percent to the US, and Germany is responsible for 4 percent of all US steel imports. Germany also has a large steel industry and officials there have been particularly concerned about what a unilateral move to impose restrictions on steel imports to the United States might mean.

The White House confirmed last week Trump plans to use the premise of the probe as a catalyst to demand action by the Group of 20 leaders to reduce excess capacity in steel, the second biggest industry in the world after oil and gas.

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When Trump launched the Section 232 steel probe in April, he said it had "nothing to do with China".

All eyes will be on Trump, who had vowed North Korea's goal of possessing an ICBM "won't happen" and has repeatedly pressed China to rein in its truculent neighbour. He suggested putting on Chinese imports 45% tariff and said he would announce on his first day in the office that China was a currency manipulator, and he said proposing taxing imports from Mexico that he would rip up the trade deals and referred this as the Trans-Pacific Partnership, or TPP.

But industry representatives say any blanket tariffs or other restrictions on steel imports would only widen the existing price gap in steel compared with other markets. Germany is a large exporter of steel and officials there worry they could be caught in any US crackdown.

An assertive USA president willing to tear up existing deals. The conducting a similar study into the case for aluminum tariffs.

The latest draft communique sticks with language about the Paris climate accord being "irreversible" but removes a reference from an earlier version to a "global approach" that some countries felt could suggest there was a parallel track to Paris.

Now, the EU-Japan pact underscores the economic risks for the United States if it's bypassed in global economic pacts.

G20 leaders will continue their meetings through the weekend, and Monday will likely reveal much about the way trade will shape up.

North Korea isn't on the official agenda and probably won't be discussed in the final summit statement.

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