Economy
October 29, 2019
China Opts Out of Global Forum on Excess Steel Capacity
Written by Tim Triplett
The international debate over the world’s oversupply of steel will go on, but without China’s participation in the G20’s Global Forum on Excess Steel Capacity. Ministers meeting in Tokyo over the weekend declined to extend the mandate for the forum, which is scheduled to lapse in December, primarily due to opposition from China. Other nations have vowed to continue communicating in search of a solution.
In a statement following the meeting, the Office of the U.S. Trade Representative said the decision by a vast majority of members to continue the work of the Forum beyond 2019 is a recognition that severe excess capacity is a continuing crisis.
