globaltrade #unitedstates #china #industrialovercapacity #manufacturing #tradepolicy #jamiesongreer #europeanunion #india #japan #southkorea #g20 #oecd #worldeconomy #vntv

U.S.-LED GROUP OF 15 MAJOR ECONOMIES SIGNS JOINT STATEMENT AGAINST GLOBAL INDUSTRIAL OVERCAPACITY

The United States and 14 other major economies and blocs have signed a joint statement calling for coordinated action against structural industrial overcapacity and non-market policies that encourage production beyond global demand. Signatories include the EU, Britain, India, Japan, South Korea, Canada, Mexico and Australia, while China, Brazil, Indonesia, Russia, Saudi Arabia and South Africa did not join. The declaration creates new sector-specific platforms but does not itself impose tariffs or other binding trade penalties