President Trump heads to Europe for Poland meeting, G20 summit

President Trump heads to Europe for Poland meeting, G20 summit

President Trump heads to Europe for Poland meeting, G20 summit

In its communique, the G-20 pledged renewed efforts to combat excess capacity in the steel industry, one of the officials said.

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.

The largest exporters of steel to the United States are Canada, Brazil, South Korea, Mexico, and Turkey, according to IHS Global Trade Atlas.

Trump who had a successful meeting with Prime Minister Modi at the White House last week, is likely to interact with the Indian leader on the sidelines of the G-20 Summit.

The G7, which includes Canada, Japan, the US and several European countries, have called for a solution to global overcapacity in steel, and the European Union has previously accused China of steel dumping while levying duties of its own.

Merkel's deputy, German Foreign Minister Sigmar Gabriel, said Thursday he was anxious that Europe and the USA might be heading for a trade war.

The EU is the world's second largest steel producer after China.

Trump in the coming days is expected to decide whether to slap new tariffs or other restrictions on steel imports.

Last week China panned the Trump administration's proposed approach, which would impose new hurdles for Chinese steel producers that are already subject to more than 100 US antidumping and countervailing duties.

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Trump is scheduled to return to the U.S. on Saturday.

"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. Indeed, analysts have warned that tariffs could drive up steel prices for US manufacturers.

The last global summit, the Group of Seven meeting in May, was hugely divided over climate and trade and the Hamburg meeting was no different.

German Chancellor Angela Merkel has criticized Trump's view of global trade.

He warned however, that a broad US claim to national security would put global trade on a slippery slope.

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.

The leaders agreed in the final statement of the G-20 leaders that they would "fight protectionism and all unfair trade practices and recognize the role of legitimate trade defense instruments in this regard".

World Trade Organization members are already reeling from the unsafe precedent being set by a growing preoccupation with national security measures at the Geneva-based trade body.

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