China and eastern Europe have been "dumping" steel onto the EU market at rock bottom prices. EU steelmakers are calling for higher tariffs. An entire industry is barely scraping by due to low profit margins.
'Global Partners for Global Challenges' is the theme of the two-day summit in Brussels. Ministers from China, Japan and Russia have made the trip to reaffirm support for multilateral cooperation.
China's vice premier Hu Chunhua has warned that the global economy is moving in the wrong direction. A regional economic forum in Vietnam is analyzing the fallout from the ongoing US-China trade spat.
The comments targeting the trans-Atlantic relationship come as US-EU trade negotiations are in an early stage. In July, the two sides agreed to de-escalate a brewing trade fight.
The IMF has cut its global economic forecast for 2018 and 2019, citing above all rising import tariffs between the US and China. A fall in trade volumes and manufacturing orders could hit Germany particularly hard.
© 2018 Deutsche Welle |
Legal notice |
| Mobile version