President Trump reportedly rejected an offer by China to reduce steel overcapacity by 150 million metric tons by 2022.
Financial Times reported that China made the offer in July, but “Trump twice rejected the deal,” even though aides, including Commerce Secretary Wilbur Ross, recommended that he accept it.
“The president had, by then, decided that he wanted to do something much broader,” Financial Times quoted a “U.S. official” as saying.
The decision reportedly surprised and disappointed Ross. The White House declined to comment on the matter.
China is the world’s largest steel producer, and overproduction by that nation is blamed by the United States and other Western countries for saturating the market and driving down steel prices. |
