USTR Official Calls for New Enforcement Tools to Fight Non-Market Steel
Global steel excess capacity is reaching "crisis levels," which distorts trade and drives the price of steel down, displacing market-based production, said Assistant U.S. Trade Representative for Small Business, Market Access, and Industrial Competitiveness Sushan Demirjian.
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"This continues to harm our workers and businesses, creates strategic dependencies and systemic vulnerabilities, and undermines our decarbonization efforts," she said.
Demirjian, who spoke at the Global Forum on Steel Excess Capacity in the U.K., said "current international trade rules are inadequate to discipline the types of behavior and policies that have caused this crisis," such as China's industrial policy.
The U.S. hopes the Global Forum on Steel Excess Capacity establishes an excess capacity monitor, and that new enforcement tools are developed. It also calls for "more creative and aggressive use of existing tools."
"Within the coming months, USTR expects to release additional policy ideas on defining and responding to non-market policies and practices. We will continue to consult a wide range of stakeholders as we focus on this important work," she said.