The U.S., European Union and Japan have announced a partnership to tackle excess capacity issues in key sectors, i.e. steel, to eliminate unfair market distorting and protectionist practices by third countries.
The three countries issued a joint declaration on Tuesday at the World Trade Organization biennial meetings, promising to target the overcapacity, market-distorting subsidies, and policies that force companies to transfer their proprietary technologies abroad.
UK Steel welcomes this announcement. Refreshingly, this statement doesn’t hide behind diplomatic language and makes it clear that there is a significant problem that cannot be ignored. The joint statement can be found here and below is UK Steel’s full press release in response.