The US, EU and Japan have met to discuss joint measures to tackle trade overcapacity issues, against a backdrop of ongoing tension around the US's recent protectionist policies.
During a meeting at the European Commission in Brussels, the three partners agreed to implement a number of steps to tackle trade-distortive practices that lead to severe global overcapacity in sectors such as steel.
These include the development of stronger rules on industrial subsidies, strengthening of notification requirements with the World Trade Organization, and intensifying information-sharing on trade-distortive practices.
The aim will be to tackle unfair competitive conditions that hinder the development and use of innovative technologies, and undermine the proper functioning of international trade, with further talks to take place at the next OECD ministerial meeting in Paris.
However, friction continues to persist between the US and its partners due to the recent introduction of controversial new steel and aluminum tariffs, with EU and Japanese ministers raising concerns about the decision during the Brussels meeting.
They also reiterated their expectation that EU and Japanese exports to the US would be exempted from the higher tariffs.