President Trump heads to Europe for Poland meeting, G20 summit

President Trump heads to Europe for Poland meeting, G20 summit

President Trump heads to Europe for Poland meeting, G20 summit

Trump said in an early morning tweet.

The U.S. president joined 19 of his counterparts at the G20 Summit in Hamburg, Germany, Friday, with issues on the table ranging from trade to climate change.

Supporters of using the Section 232 provision argue that reliance on steel imports leaves the US defense sector vulnerable to foreign countries.

Trump who had a successful meeting with Prime Minister Modi at the White House last week, is likely to interact with the Indian leader on the sidelines of the G-20 Summit.

Policies that could fall under national security include China's new Cyber Security Act, which is under WTO scrutiny from Japan, South Korea, the United States and others; Ukraine's gas pipeline reforms; and Russia's trade restrictions on Ukraine. To the contrary, major governments, including President Barack Obama's administration, have long recognized that global overcapacity is creating unsustainable downward pressure on producers' prices and that China's bloated state-run industry is the locus of that overcapacity.

The U.S. has often criticized China for illegally subsidizing the steel and aluminum industries and contributing to a global glut of the metals. Juncker said that Europe expects to increase its exports to Japan by a third after trade barriers drop away.

Talks ran into a major rift over global economic policy on Friday as Trump, who spent much of his election campaign complaining about "unfair" trade hurting the USA, held firm to his America First doctrine.

In addition to being intellectually dishonest, asserting that steel imports pose a threat to USA national security could be internationally destabilizing.

Getty  CHRISTOF STACHE
Getty CHRISTOF STACHE

USA allies complain that the result of Trump's national security probes could harm their domestic industries both by imposing direct tariffs and by diverting the overcapacity of global steel and aluminum products into their markets.

"That hurts us, but it also hurts the Americans", he added. They would not comment on a report made by the Financial Times that said the European Union could hit USA imports of orange juice and bourbon.

"The EU is a traditional and reliable steel supplier of the U.S., the EU member states concerned are North Atlantic Treaty Organisation partners of the U.S. There is therefore no justification for targeting any steel supplies from the EU", Eurofer said.

The leaders agreed in the final statement of the G-20 leaders that they would "fight protectionism and all unfair trade practices and recognize the role of legitimate trade defense instruments in this regard".

USA steel prices are firm so far this week, holding onto their value despite the passing of the "deadline" for the Commerce Department's Section 232 investigation results last Friday.

"We are going to see probably more private conversations about the Section 232 process under way in the USA", said Joshua Meltzer, a senior fellow at the Brookings Institution in Washington.

When it comes to free trade in particular, it appears to be Trump against the world.

Just last week, Saudi Arabia, Bahrain, and the United Arab Emirates said their decision to close all land, sea, and airport links to Qatar was done to protect their national security and therefore complied with the WTO's national security exemption.

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