Steel Forum Agrees to Push Tariffs and Cut Subsidies
Members of an OECD steel forum agreed to pursue tariffs and avoid subsidies to tackle global excess capacity. The framework aims to hold nations like China accountable for cheap steel exports.
Members of an OECD forum agreed on Wednesday to pursue stricter tariffs and curb subsidies to address an oversupply expected to reach 745 million metric tons. The agreement coincides with a G20 trade ministers meeting in the United States, focusing on industrial overcapacity. Global excess capacity threatens domestic producers as overseas shipments surge.
