The Obama administration is pushing China to reduce excess steelmaking capacity that is causing a glut of steel imports into the United States and other world markets, the top U.S. trade official said on Monday.
U.S. Trade Representative Michael Froman told reporters in Minneapolis that improving conditions for the U.S. steel industry and Minnesota's beleaguered iron ore range would require negotiations with other countries to eliminate subsidies for state-owned steel enterprises as well as vigilant trade enforcement efforts.
"When it comes to steel, there is a significant issue of overcapacity around the world, significantly in China where it’s estimated to have more than 400 million metric tons of excess capacity, and we’re pushing that issue with the Chinese. They know it's something they need to address," Froman said after a speech to the Economic Club of Minnesota.
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