US Trade Representative Katherine Tai addresses US trade law to address China’s steel production overcapacity and subsidized exports to Southeast Asia and strengthen existing anti-dumping and anti-subsidy obligations. Confirmed the need to update.
“The tools we have know how effective they are and where the limits are,” Thailand said. Said A senior US steel industry executive in Washington on Tuesday added that she wanted to create a new level of competition.
Asked if such tools could be used to address Chinese subsidies for plants in other countries and promote the purchase of Chinese products through the Belt and Road Initiative, which is not currently subject to US penalties, Thailand said, ” Yes. “
“We need to deploy all our tools, including cooperation with other economies and countries, and be prepared to explore the development of new tools.”
The statement allowed the United States and the European Union (EU) to reach an agreement to resolve disputes over tariffs on steel and aluminum from the EU, allowing some tax-exempt European imports to enter the United States2. It was done a day later.
In return, the EU has reduced retaliatory tariffs on US products such as whiskey, motorcycles, bourbon, peanut butter and jeans.
Mr. Thailand said the agreement would also address China’s global overcapacity and better prevent its steel and aluminum, which President Joe Biden called “dirty steel,” from leaking into the US market.
According to Tai’s formula, China, the world’s largest driver of overproduction, accounts for nearly 60% of the world’s steel production. Announcement of opening remarks on Tuesday.. But the influx of cheap steel into the global trading system is squeezing the interests of others.
“It has poured billions of dollars into the steel industry and has hurt the interests of workers in the United States and around the world,” she said. “We all know that this is not sustainable.”
Still, the gap between global steelmaking capacity and demand, which currently amounts to about 600 million tonnes, will continue to widen, Thai said.
“From now on, the US and EU will analyze steel and aluminum imports from the EU annually, share information and best practices on trade relief, and ensure that products from non-market economies do not benefit from this arrangement. . “
President Joe Biden also said on October 31st Press conference In Rome, the EU-US agreement will address dumped Chinese steel that is “hit” US work, industry and the environment.
Reuters contributed to this report.