Excess steel capacity should be dealt with in a global forum for the problem to avoid an escalation of trade disputes, OECD chief Angel Gurria said on Tuesday following the Trump administration's plans to introduce import tariffs.
Leaders of Group of 20 economic powers set up the Global Forum on Steel Excess Capacity in September 2016 to deal with the problem and charged the Paris-based Organisation for Economic Cooperation and Development to facilitate its work.
"As shown repeatedly in the past, we need global solutions to global problems – and that is exactly why the Global Forum on Steel Excess capacity exists. But it must accelerate its efforts," Gurria said in a statement.
He added that the forum, which includes G20 and OECD members, needed to take "swift and tangible action in 2018", noting a ministerial meeting was planned in June.