Trade ministers from the Group of 20 major economies are meeting in Milwaukee, Wisconsin, amid growing disagreements over tariffs, industrial overcapacity and global trade rules. The meeting is being hosted by the United States, which currently holds the G20 presidency.
US Trade Representative Jamieson Greer urged G20 members to address what Washington describes as excessive industrial capacity and trade distortions. China has been a major focus of the discussions, particularly over industrial subsidies and excess production. Beijing has rejected the accusations, arguing that concerns over its industrial policies are being used to justify protectionist measures.
Greer also called for a review of the World Trade Organization’s Most-Favored-Nation (MFN) tariff principle, which generally requires WTO members to provide equal tariff treatment to other members. The US administration argues that the current system can limit countries’ ability to respond to what it considers trade distortions.
Steel trade is another major issue. A group of 28 mostly Western economies agreed to work toward stronger tariff measures against steel from countries considered to have significant excess production capacity. China and India are not members of the OECD-led steel forum involved in the agreement.
The discussions also cover food trade, forced labor in supply chains and the future of global trade rules. India is participating in the meetings, with Commerce and Industry Minister Piyush Goyal also holding separate discussions with US officials on the India-US trade agreement.
The G20 meetings are expected to continue through October 1, with ministers discussing possible areas of cooperation despite continuing differences over tariffs and trade policy.
News as Reported.
