G20 trade ministers deadlocked over industrial overcapacity, says US trade chief
Summary
G20 trade ministers met in Milwaukee but could not agree on how to handle excess industrial capacity, a problem that leads to too much production and lower prices. They also failed to reach a deal on stopping forced labor in supply chains. However, the group agreed that using food as a weapon in trade disputes is unacceptable.Key Facts
- G20 trade ministers met in Milwaukee, USA, with the US holding the rotating presidency this year.
- Officials failed to agree on how to address excess industrial capacity, which many blame on China.
- The issue of forced labor in global supply chains was also unresolved at the meeting.
- Nearly all countries agreed excess industrial capacity is a problem needing action.
- The US is investigating 16 countries for overproduction, including China, the EU, Japan, and India.
- President Donald Trump recently imposed tariffs on 60 trading partners over forced labor concerns.
- The G20 agreed that using food as a weapon in trade conflicts is wrong, with criticism of Russia’s impact on Ukraine’s grain exports.
- Russia’s representative criticized European leaders for politicizing the food issue during the talks.
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