Donald Trump questions US' 'worst trade deals' ahead of G-20 Summit

A-A+中文BEIJING — When President Donald Trump pulled the U.S. out of the Paris agreement on climate change in June all eyes turned to China

US President Donald Trump meets other world leaders at Germany's G20 summit from Friday, with North Korea's first successful test of an intercontinental ballistic missile casting a long shadow over the gathering at the heavily-fortified venue.

Also looming over the gold price are the minutes of June's Fed meeting, which many awaiting for news about the Fed's plans for further interest rate hikes this year, Reuters reported.

China pledged to reduce the country's annual steel capacity by as much as 150 million tons before 2020, but the country remains the world's largest steel producer and accounts for almost half of the globe's total steel production. Trump announced Friday that had called on South Korea to "stop enabling the export of dumped steel". In its communique, the G-20 pledged renewed efforts to combat excess capacity in the steel industry, one of the officials said.

"There is no doubt that this entire line of trade remedy actions regarding national security matters is going to be an issue", said Jacob Kirkegaard, a senior fellow with the Peterson Institute for International Economics.

The world's economic powers are gearing up for a possible trade dispute as the Trump administration considers imposing steep tariffs on steel imports.

"There is a danger that the summit will lead to polarisation between the USA and other countries" on climate change and other issues, warned Oxford Analytics economist Adam Slater.

While the policy recommendations of those probes haven't been announced, some USA businesses are feeling pretty good about what those protectionist policies might do for them.

The European Union has pointed proudly at a wide-ranging trade deal with Japan, concluded just Thursday, as a retort to Trump's protectionist inclinations.

Prime Minister Justin Trudeau's government has been privately assured by the US that Canada won't be affected by any steel measures, according to a Canadian government official, who spoke on condition of anonymity.

"The EU is a traditional and reliable steel supplier of the U.S., the EU member states concerned are North Atlantic Treaty Organisation partners of the U.S. There is therefore no justification for targeting any steel supplies from the EU", Eurofer said.

- According to a new report, President Trump's aggressive stance on global trade may be working in America's favor.

"Should the USA introduce tariffs on European steel imports, Europe is ready to react immediately and adequately", European Commission President Jean-Claude Juncker told reporters Friday ahead of the two-day summit of leaders from major industrial and emerging-market nations.

World leaders forged a fragile compromise at a summit in Germany that did not hide the reality that Donald Trump's America is increasingly going its own way. Enacting Section 232 also may violate World Trade Organization rules.

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