Bloomberg Talks
Ambassador Katherine Tai Talks Steel Tariffs
Apr 19, 2024
US Trade Representative Katherine Tai discusses the impact of Chinese steel on global trade. They explore challenges from China's practices, the role of the WTO, and alignment between US administrations on trade. They also touch on Chinese EVs, tariffs, inflation, and supply challenges.
16:24
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Quick takeaways
- China's over-capacity in steel market distorts global trade and requires sustainable agreements for fair competition.
- US implementing measures to counter Chinese trade distortions, including tariffs, to ensure trade integrity and fair practices.
Deep dives
Challenges of Chinese Over-Capacity in Global Steel Production
The podcast delves into the longstanding challenge of Chinese over-capacity and excess production in global steel and aluminum markets. This issue stems from China's strategic investment and creation of excess capacity, resulting in predatory pricing practices that have driven out producers in other economies. The imbalance has led to worldwide economic impacts, with China dominating steel production and supply in sectors like solar panels and batteries. Efforts are being made to address this issue through negotiations for a global sustainable steel and aluminum agreement to promote cleaner production and fair trade.
