US Trade Representative Catherine Tai on Wednesday discussed with German Economy Minister Peter Altmeier the "strong interest" of the two countries in resolving a long-standing dispute between the US and the European Union over aircraft subsidies and solving the problem of overcapacity in the production of steel and aluminum in the world, said in the message of the sales representative's office.
“Ambassador Tai and Minister Altmaier discussed the importance of trade and investment relations between the two countries. They pledged to strengthen US-German cooperation on common goals related to unfair trade practices in large non-market economies. They also discussed their strong interest in resolving the dispute over large subsidies for civil aircraft, global overcapacity for steel and aluminum, and cooperation on climate change. Ambassador Tai and Minister Altmaier have agreed to regularly engage on key issues, including WTO reform, ”USTR said in a statement.
The latest available OECD data show that global steel production capacity could grow to 2,455.8 million tonnes per year. This new growth will widen the gap between production and installed capacity after a series of cuts between 2016-2019.
In 2017, under the chairmanship of Germany, the G20 countries established the Global Forum on Steel Overcapacity (GFSEC) following a decision taken at the 2016 G20 Leadership Summit as a result of a global steel overcapacity exceeding 800 million tonnes in 2015.