Risks to Public a Strong Narrative to Bring to China Steel Discussions, Deputy USTR Says
The risk that global steel overcapacity poses to people’s livelihoods provides U.S. negotiators with a very powerful narrative to inject into efforts to convince Chinese government officials to adopt policies to reduce its steel glut, Deputy U.S. Trade Representative Robert…
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Holleyman said during a panel discussion on April 26 at the U.S. Chamber of Commerce. During the panel, Treasury Undersecretary for International Affairs Nathan Sheets said the U.S. is “vigorously” engaging with China on the overcapacity issue. Holleyman expressed a need for the U.S. to verify that Chinese state-owned enterprises, which he said are crucial to China's prolific steel industry, operate according to market principles. Holleyman added that the Office of the U.S. Trade Representative and other agencies are “very active” in discussions about how to handle China’s request for granting it market economy status in antidumping duty cases upon the expiration of its World Trade Organization accession protocol. The protocol says the country will remain a non-market economy until Dec. 11, when the provision allowing the methodology behind that status expires. Holleyman said it was premature to comment on what designation the U.S. will recommend for China, only adding, “It is an active discussion.”