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"We will tell our Chinese partners... you do not respect the rules governing world trade", said French Economy Minister Emmanuel Macron. "We will be working directly with China on excess capacity issues in a number of different bilateral and multilateral setting in the weeks and months ahead", Pritzker and Froman said. Speaking in the Senate, Finance Committee Ranking Member Ron Wyden alleged that over the past few decades, China has used market-distorting subsidies and industrial policies to prop up their own industries and rip off American jobs.
NPR: World's Steelmakers To China: Time To Cut The Glut
"The steel market is in a state of crisis, primarily due to massive global excess capacity," U.S. Commerce Secretary Penny Pritzker said in an interview with NPR on Tuesday. "In this current crisis, the United States' industry has suffered price declines, decreased profitability — and over 13,000 jobs have been lost in the last year or so."
...On Monday, officials for major steel-producing countries met in Brussels at a gathering called by the Organization for Economic Cooperation and Development. Their goal was to reach a comprehensive multilateral agreement to reduce global steel production.
But without China's buy-in, the meeting ended in frustration. China's official Xinhua news agency said that blaming China for overproduction was just an excuse for protectionism.
...Chinese steel isn't the only issue. On Monday, the United Steelworkers union filed a case with regulators seeking to block the "flood" of aluminum imports, which it says damages U.S. producers and threatens jobs.
Also on Monday, Sen. Ron Wyden, D-Ore., made a speech on the Senate floor condemning Chinese overproduction of aluminum, saying "China has used market-distorting subsidies and industrial policies to prop up their own industries and rip off American jobs."
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