The United States is stepping up efforts against industrial overproduction from China and other economies as Washington investigates manufacturing policies it says are harming U.S. industry.
At the Group of 20 trade ministerial in Milwaukee on Sept. 30, U.S. Trade Representative (USTR) Jamieson Greer made structural excess capacity one of four priorities for the meeting, alongside forced labor, food trade, and the most-favored-nation principle.
Greer said G20 leaders had committed a decade ago to address excess industrial capacity, but “the response by the world’s economies has been mostly talk.”
“When non-market policies and practices allow production to expand far beyond domestic demand, the consequences spill across borders,” Greer said in prepared remarks. “Excess production flows into global markets, putting pressure on producers and workers elsewhere.”…