Trump declines Chinese proposal to cut steel overcapacity - FT
President Donald Trump last month rejected a Chinese proposal to cut steel overcapacity despite it being endorsed by some of his top advisers, the Financial Times reported, citing people familiar with the matter.
Beijing proposed cutting steel overcapacity by 150 million tonnes by 2022 in a deal twice rejected by Trump, who instead urged advisers to find ways to impose tariffs on imports from China, the FT reported, citing the sources. http://on.ft.com/2iCb7Sn
The deal was endorsed by U.S. Commerce Secretary Wilbur Ross a week before U.S. and Chinese officials held a high-level economic dialogue, reported the FT, citing a U.S. official and another person familiar with the matter.
White House spokeswoman Natalie Strom declined to comment on the "purported internal discussions" between the president and his Cabinet members when contacted by Reuters.
Last week, American steel industry executives appealed to Trump for immediate import restrictions in a letter seen by Reuters, saying the industry was suffering the consequences of government inaction.
Total steel imports through July were up 22 percent from the same period a year ago, according to a report by the American Iron and Steel Institute.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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