G20 summit 2017: US squeezes steel concessions amid tariff threat

G20 members agreed to address growing overcapacity, rock-bottom prices in global steel markets

Group of 20 leaders agreed to address growing overcapacity and rock-bottom prices in global steel markets, bowing to pressure from the Trump administration after it threatened to impose punitive tariffs on its allies.

In talks that stretched into the early hours of Saturday, US officials managed to get language inserted into the communique that sets deadlines for G20 members to address excess steel production, according to a leaked copy of the text. Countries like China will also have to be more transparent about how they subsidise domestic producers. In return, the US agreed to boilerplate language reiterating the G20’s commitment to