Hyper-production of steel a global problem – G20 ministers of trade opposed to protectionism

(Photo: zelsd.rs)

In the joint announcement, published after the two-day summit at Shanghai, the G20 ministers expressed their concern over the growing protectionism throughout the world and the significantly slowed-down trade. They spoke in favor of the nine basic principles of the global investment policy prior to the summit at Hangzhou.

The G20 ministers pointed to the hyper-production of steel as a global problem which demanded a joint response and said that state subsidies for the steel industry had led to market disruptions.

The USA and Great Britain accuse China of dumping the price of steel and depreciating it on a global level.