G20 trade ministers deadlocked over industrial overcapacity, says US trade chief

G20 trade ministers are at an impasse on countering excess industrial capacity, top US trade official Jamieson Greer said Thursday, an accusation often levied at China which rejects the criticism. His comments came as trade ministers from the Group of 20 major economies met for a second day in the Midwestern US city of Milwaukee. The United States holds the G20's rotating presidency this year. Ministers failed to find agreement across the grouping on overcapacity, seen as driving down prices unfairly, and on eliminating forced labor in supply chains, Greer said. "Nearly all countries agreed that this is an issue that requires action," Greer told a press conference, referring to excess capacity. He did not respond to questions on whether this was due to China's objection. "And nearly all countries agreed that our current system of trade remedies or responses is inadequate to solve this problem," he said. He added that this justified unilateral US action. There are US investigations into 16 economies on overcapacity, targeting China, the European Union, Japan, India and others. Greer warned that countries which overproduce risk "creating an economy that rests on a house of cards." Tr...