(Takeshi Kawanami – Nikkei Asia Review)
Japan, Europe and other American allies are increasingly concerned that a new measure under consideration by U.S. President Donald Trump to restrict steel imports could cause friction at the two-day Group of 20 summit opening Friday in Germany.
“The United States stands firm against all unfair trading practices, including massive distortions in the global steel market,” Gary Cohn, director of the National Economic Council, told reporters during a White House briefing June 29. “We ask the G-20 economies to join us in this effort,” Cohn added. He will attend the summit with Trump.
Trump, having promised during the election campaign to slash American trade deficits and protect U.S. workers, is considering new import restrictions on steel and aluminum based on Section 232 of the Trade Expansion Act of 1962. The rule lets the U.S. raise tariffs and take other measures based on national security considerations. The Commerce Department will announce specific proposals soon. Click here to read more.