Industry braces for Trump decision on steel

Industry braces for Trump decision on steel

Industry braces for Trump decision on steel

"There was a question mark there, as to whether or not the EU. would be able to continue signing free trade agreements in the future", said André Sapir, an worldwide trade expert and a former economic adviser to the European Union's Director General for Economic and Financial Affairs. He has focused on trade relationships where other countries run large surpluses with the US, meaning they sell more to USA consumers than they buy from American companies. "We understand that the USA has concerns about overcapacity in China but we don't think this is the right way to go, as you can not fight protectionism with protectionism", she added. "We ask the G-20 economies to join us in this effort and to take concrete actions to solve these problems".

The Trump administration review, however, is being taken under Section 232 of the Trade Expansion Act of 1962, which gives the president broad power to adjust imports if excessive imports are found to be a threat to national security.

"There are things that cause us great concern that the United States is starting a trade war against Europe".

Keeping the U.S.in the fold, leaders overseeing 80% of the global economy are seeking to work more closely on challenges ranging from a glut upending steel markets to the migration crisis and imbalances driven by globalization. "It also has to do with the national security of our country".

President Donald Trump and Britain's Prime Minister Theresa May wait for the start of the first working session of the G-20 meeting in Hamburg, northern Germany, on Friday, July 7, 2017.

In advance of the G-20 summit, Merkel and Trump discussed "global steel overcapacity" during a phone call on Monday.

The global steel industry is braced for a crackdown on Chinese "dumping" by Donald Trump, who is expected to claim cheap imports are a threat to national security.

After the conclusion of the first day of meetings, Treasury Secretary Steven Mnuchin said that Trump's interactions with foreign leaders were going well.

The EU is the second largest producer of steel in the world after China.

This time around, leaders signaled that steel is a sticking point.

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Lately though, Trump, who is to meet Xi again on the sidelines of the G20 summit in Hamburg this week, has appeared increasingly frustrated that China - North Korea's neighbor and main trading partner - has not taken stronger action.

But Trump's move to protect the US steel industry outside the WTO framework could nonetheless irritate other the world leaders gathered at the larger G20 meeting in Germany this week.

- Donald J. Trump (@realDonaldTrump) July 5, 2017Trade between China and North Korea grew nearly 40% in the first quarter.

North Korea said it tested its first intercontinental ballistic missile (ICBM) on Tuesday and experts said it appeared to be of a type capable of hitting all of Alaska, prompting renewed USA calls for global diplomatic action.

By now, most USA allies had expected to be settling into the Hillary Clinton era, forging progress based on a shared vision of Western civilization, pursuing familiar multilateral approaches to saving the planet and to globalization.

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. If Trump does follow through on the steel restrictions, according to the FT, an European Union official said the retaliatory tariff would come soon after.

An assertive USA president willing to tear up existing deals.

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

But at this summit, the official said, "there are lots of blank spots" in the drafts of the final statement - "and not on the easy topics".

Also looming over the gold price are the minutes of June's Fed meeting, which many awaiting for news about the Fed's plans for further interest rate hikes this year, Reuters reported.

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