Steel Tariffs To Play Major Role At G20 Summit

From left to right Japan's Prime Minister Shinzo Abe World Bank President Jim Yong Kim U.S. President Donald Trump Ivanka Trump German Chancellor Angela Merkel and Canadian Prime Minister Justin Trudeau pose for

The prevailing sentiment was that the investigation's results would give Donald Trump the opportunity to crack down on steel imports, and that is an opportunity he would most likely capitalize on.

Germany is among those nations, as a top exporter of steel to the U.S. The Germans are waiting to hear from President Donald Trump during the G20 summit, which begins on Friday in Hamburg, Germany.

Moreover, trade diplomats fear US security-based tariffs on steel would widen cracks in the global trading order, after Saudi Arabia, Bahrain and the United Arab Emirates cited national security at the WTO last week to justify their economic boycott of Qatar.

The G-20 summit was held this weekend in Europe and many eyes were focused on the meeting between President Trump and Russian President Vladimir Putin.

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Earlier this week, Abe and representatives of the European Union signed a political agreement for a trade deal that will cover more than a quarter of global economic output. Germany also has a large steel industry and officials there have been particularly concerned about what a unilateral move to impose restrictions on steel imports to the United States might mean.

"Should the US introduce tariffs on European steel imports, Europe is ready to react immediately and adequately", European Commission President Jean-Claude Juncker told reporters Friday ahead of the two-day summit of leaders from major industrial and emerging-market nations. Trump announced Friday that had called on South Korea to "stop enabling the export of dumped steel". His point was that it doesn't make sense to talk about bilateral trade deficits in a multilateral world, the official said. Many are looking to Trump's participation at the Group of 20 summit later this week for more specific answers regarding the president's thoughts on steel overcapacity.

"The EU is a traditional and reliable steel supplier of the U.S., the EU member states concerned are North Atlantic Treaty Organisation partners of the U.S. There is therefore no justification for targeting any steel supplies from the EU", Eurofer said.

The administration has been reviewing the effect of steel imports on the American economy and national security since April with the Department of Commerce due to release a report on the topic as soon as this week.

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US allies complain that the result of Trump's national security probes could harm their domestic industries both by imposing direct tariffs and by diverting the overcapacity of global steel and aluminum products into their markets.

America's biggest trade partners have taken far fewer protectionist measures against USA business so far this year, possibly because they're anxious about retaliation, according to the authors of the Global Trade Alert - published by the London-based Centre for Economic Policy Research.

Trade analysts expect G-20 leaders to persuade Trump to eschew national security tariffs on steel and aluminum because of the blow-back effect they could have on the stability of the global trading system. When it comes to trade policy, it's easy to shout "America first", but hard to define exactly what you mean by "America".

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