Skip to content
  • Home
  • After The Collapse Series
  • Preparedness
  • Contact
Survival Dan 101

Survival Dan 101

Survive and Thrive

Global steel oversupply must be ‘urgently addressed’: G7

Posted on May 27, 2016 By No Comments on Global steel oversupply must be ‘urgently addressed’: G7

World leaders warned today that the global oversupply of steel must be “urgently addressed”, while taking aim at governments that contribute to excess capacity, hinting at China.
Beijing has been in the firing line over claims Chinese steel exports were forcing plant closures and job losses in some countries, as the sector grapples with soft prices and limp demand.
China produces more than half of the world’s steel and is accused of flooding the market with products sold below cost in violation of global trade rules.
Following two-days of summit talks in Japan, the Group of Seven flagged the issue without naming specific countries.
“We recognise that global excess capacity in industrial sectors, especially steel, is a pressing structural challenge with global implications,” it said in a final communique as the talks concluded.
“This issue needs to be urgently addressed through elimination of market distorting measures and, thereby, enhancement of market function”.
It added: “In particular, we are concerned about subsidies and other support by governments and government- supported institutions that distort the market and contribute to global excess capacity.”
This month, the European Union said granting market economy status for China at the World Trade Organisation was “untenable” due to the loss of jobs it would cost Europe in key industries such as steel.
The designation would make it much harder for major economies to fight Beijing over alleged unfair trading practices.
While China did not appear in the G7’s final statement on oversupply, a Japanese government official said the massive steel producer came up in private discussions on the matter.
Japanese Prime Minister Shinzo Abe “said (G7 leaders) must keep up close communication to make sure China abides by international (trade) rules so that we can both co-exist and prosper with China,” the Japanese official said.
“(Abe) concluded that the G7 would further communicate on the issues of excess production capacity and China’s market economy status.”
Angry steel manufacturers have urged the EU, the second-biggest steel producer, to follow the United States in punishing China with harsh tariffs.
The US in March slapped tariffs of nearly 300 percent on cold rolled steel used to make auto parts, but the EU settled on a more cautious 20 percent duty for the same product.
Adding to problems in the industry, slowing global growth has taken a bite out of demand, while China’s economy has weakened from the break-neck rates that helped commodity suppliers grow fat off demand for big ticket infrastructure projects there.
 
By: AFP | Ise-shima

Alternative

Post navigation

Previous Post: A broken system and a challenge for legal scholars
Next Post: How to Survive Any Situation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Our users recommend:

  • Lost Book of Remedies
  • Easy Cellar
  • Reverse Type 2 Diabetes
  • Kill Food Cravings
  • The Lost Ways I
  • The Lost Ways II

Newsletter

Recent Posts

  • The Pandemic That Wasn’t—“When the people fear the government, you have tyranny. Where the government fears the people, you have liberty.”
  • Nick Hudson—The UGLY Truth About The Covid-19 Lockdowns
  • Why The Naive Average Person Should NOT Expect To Be Protected When The Next Financial Crisis Hits
  • Deadly Serious DHS List: You Might Be A Domestic Terrorist If…
  • The US Patriots Tagged As “Domestic Violent Extremists” By The U.S. Intelligence Community

Recent Comments

  • Het COVID-experiment: bent u gedekt? | Naturotheek on CNN: ‘Don’t Be Alarmed’ If People Start Dying After Taking The Vaccine
  • Deadly Serious DHS List: You Might Be A Domestic Terrorist If… | From the Trenches World Report on Deadly Serious DHS List: You Might Be A Domestic Terrorist If…
  • BADGER BADGERISM on Deadly Serious DHS List: You Might Be A Domestic Terrorist If…
  • Eyes of Horus on Deadly Serious DHS List: You Might Be A Domestic Terrorist If…
  • Gail on Deadly Serious DHS List: You Might Be A Domestic Terrorist If…

Copyright © 2021 Survival Dan 101.

Powered by PressBook WordPress theme