Major U.S. allies and trading partners have agreed to work together to confront government-backed industrial overproduction, expanding international support for the Trump administration’s campaign against trade practices that threaten domestic manufacturing and jobs.
\n\nFourteen economies joined the United States in a joint ministerial statement announced Wednesday, pledging to develop coordinated responses in automobiles and electric vehicles, batteries, chemicals, foundational semiconductors, and solar panels.
\n\nThe signatories include every Group of Seven country, the European Union, Mexico, South Korea, India, Australia, Argentina, Poland, and Türkiye. Senior officials began work on the initiative on the sidelines of the Organisation for Economic Co-operation and Development’s Trade Committee.
\n\nAlthough the statement does not name China, Beijing’s industrial policies are the principal target. The sectors identified are central to international concerns about Chinese subsidies and expanding exports, while the document’s warnings about concentrated production and export restrictions reflect growing concern about dependence on Chinese suppliers.
\n\nThe agreement follows discussions at last week’s G20 trade ministerial in Milwaukee, where the United States pressed for collective action against excess industrial capacity and non-market economic practices. Ministers failed to reach a consensus on that issue, but the new statement establishes a coalition willing to pursue cooperation outside the full…
Original source: https://www.breitbart.com/economy/
