WASHINGTON (Pakistan Point News / Sputnik - 13th November, 2021) The United States and Japan have started consultations to address issues concerning excess capacity in the global steel and aluminum market, the Office of the US Trade Representative's (USTR) office said.
"United States Trade Representative Katherine Tai and United States Secretary of Commerce Gina M. Raimondo today announced the start of consultations with Japan to address global steel and aluminum excess capacity, take effective measures to ensure the long-term viability of our steel and aluminum industries, and find solutions to strengthen our democratic alliance," the Office of the US Trade Representative said in a press release on Friday.
US and Japanese officials will also work to resolve bilateral issues related to steel and aluminum tariffs and the two countries intend to take beneficial actions that will restore market-oriented conditions, the release said.
The US officials emphasized concerns about China and its role in supporting trade-distorting non-market policies that threaten US steel and aluminum industries, the release added.
The World Trade Organization recently undertook a trade policy review of China and identified severe and persistent excess capacity in the steel and aluminum sectors as one of several problems with the country's trade regime.
