G20 trade ministers deadlocked over industrial overcapacity

G20 Trade Ministers failed to reach an agreement to curb the flooding of markets with overproduced, underpriced goods, a practice the Trump administration says undercuts American manufacturers. US Trade Representative Jamieson Greer on Thursday said talks were constructive despite not reaching consensus on the issue, which is known as "excess capacity. "Nearly all countries agreed that this is an issue that required action. And nearly all countries agreed that our current system of trade remedies and responses is inadequate to solve this problem," Greer said. "And nearly all countries agreed that our current system of trade remedies or responses is inadequate to solve this problem," he said. He added that this justified unilateral US action.
There are US investigations into 16 economies on overcapacity, targeting China, the European Union, Japan, India and others. Greer warned that countries which overproduce risk "creating an economy that rests on a house of cards." Trump also recently slapped tariffs on 60 trading partners over alleged forced labor concerns -- another issue the G20 failed to reach agreement on.
Trade ministers from several G20 economies are also seeking to widen trade talks beyond their US host this week. Canada for example is seeking bilateral trade deals with India, Turkey, Saudi Arabia, and with the European Union on digital trade, Ottawa's minister for international trade Maninder Sidhu told reporters Thursday. He said Canada and India look forward to concluding negotiations "in the coming months."