USA 'must fix the many bad trade deals it has made'

U.S. President Donald Trump meets with Russian President Vladimir Putin at the G20 summit in Hamburg Germany

But Trump's move to protect the US steel industry outside the WTO framework could nonetheless irritate other the world leaders gathered at the larger G20 meeting in Germany this week. His point was that it doesn't make sense to talk about bilateral trade deficits in a multilateral world, the official said. "The Trump administration will be told in no uncertain terms that if they do this, retaliation will be swift and painful". "It's not just the pricing, it's not just employment", Trump said in April at a ceremony ordering the review.

The G7, which includes Canada, Japan, the US and several European countries, have called for a solution to global overcapacity in steel, and the European Union has previously accused China of steel dumping while levying duties of its own. "It also remains to be seen what the American president brings (to the meeting)".

U.S. trade officials claim that Beijing increased its steel production capacity by more than 160 percent since 2009 and current Chinese steel production exceeds the total capacity of the U.S., Japan, India, and Brazil combined.

The EU is the second largest producer of steel in the world after China.

The "hits" include tariffs, duties and quotas on US imports, anti-dumping measures, and tax incentives for exporters that could hurt American companies.

"The next one that comes up is food - there's already a debate on food security in number of countries - and then you start talking about agricultural protection, and then you really are unraveling big chunks of the trading system". "It hasn't gone far because the Chinese have not done what the USA or the [European Union] wanted".

"That, I think, is a very sensitive course of action", Azevedo said.

At the same time, the language in the final statement refers to the use of "trade defense instruments", leaving the shadow of tariffs hanging over the world.

Russian President Vladimir Putin and President of the USA Donald Trump right talk during their meeting on the sidelines of the G20 summit in Hamburg
Sputnik Michael Klimentyev'It is an Honor to Be With You Here- Trump to Putin During Meeting on G20 Sidelines

"The United States made some of the worst Trade Deals in world history".

So despite some compromises, the US still has a mechanism to declare a trade war over steel at any time.

Trump announced Friday that had called on South Korea to "stop enabling the export of dumped steel".

In fact, of the top 10 foreign steel suppliers, of which Canada is the largest, six are tied to the United States through NATO, NAFTA or bilateral defense treaties; two others, Taiwan and Brazil, are old USA friends.

Several of those exporters-Canada, Turkey, and Germany-are members of the North Atlantic Treaty Organization (NATO) and as such the Trump administration may have to show that their strategic partners in the military alliance are somehow threatening US national security interests. It is unclear whether his message reached U.S. President Donald Trump. Indeed, analysts have warned that tariffs could drive up steel prices for USA manufacturers.

"We are going to see probably more private conversations about the Section 232 process under way in the USA", said Joshua Meltzer, a senior fellow at the Brookings Institution in Washington. European Union officials on Friday emphasized their commitment to free trade and open borders.

Though WTO rules permit its members broad leeway to enact policies that ensure national security, such measures are rarely deployed due to a long-standing belief that the WTO exemptions should be used only for exceptional cases.

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