Greer Says G20 Trade Ministers Split Over Excess Factory Capacity, Forced Labor
U.S. Trade Representative Jamieson Greer said the United States will work with like-minded trading partners to address overcapacity.
TL;DR
- G20 trade ministers agreed to denounce food trade coercion.
- Ministers were divided on how to address excess industrial capacity.
- Concerns were raised about excess industrial capacity potentially lowering product prices.
- There was a lack of agreement on tackling forced labor in supply chains.
- Most countries agreed that overcapacity is an issue requiring action.
- Nearly all countries recognized that current trade remedies are insufficient for overcapacity.