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Trump will require G20 take stronger action against steel overcapacity

The US President Donald trump will take advantage of the premise of revising the national security in the steel industry of the United States, to require the leaders of the Group of 20 reducing the amount of excess capacity and other distortions in the global steel market.

29.Jun.17 3:17 PM
By Daria Zaytseva


Trump will require G20 take stronger action against steel overcapacity

Trump is attending a G20 leaders summit in Hamburg, Germany on July 7-8.

National Economic Council director Gary Cohn told reporters that it was unclear when the Commerce Department will submit its "Section 232" report on the steel industry and potential new import restrictions to the White House.

The study uses the trade law during a Cold War-era that allows the president to restrict imports of goods deemed critical to national defense.

The U.S. Commerce Secretary Wilbur Ross has said he believes there is a "genuine" national security concern over the steel industry's health and one possible remedy is the introduction of import quotas on certain products combined with tariffs on any amounts that exceed the quotas.

Ross told a German economic conference that such measures might have to be "wide-spread" but would be aimed at provoking a collective solution to deal with global steel excess capacity.

Cohn said at a briefing on Thursday that Trump would engage in discussions with colleagues in the G20 about promoting free and fair trade.

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