Trump Twice Rejected China Steel Offer

Financial Times: “Donald Trump last month rejected a Chinese proposal to cut steel overcapacity despite it being endorsed by some of his top advisers, as he urged them instead to find ways to impose tariffs on imports from China. One week after the July G20 summit in Hamburg — where Mr. Trump criticised China for flooding the world market with cheap steel — Beijing proposed cutting steel overcapacity by 150m tonnes by 2022. But Mr. Trump twice rejected the deal, according to several people familiar with the internal debate.”

“Wilbur Ross, U.S. commerce secretary, endorsed the deal and brought it to Mr. Trump, but the president rejected the proposal. Mr. Ross, a long-time friend of the president, floated the deal again the following week during the two-day meetings with Chinese vice-premier Wang Yang, but Mr. Trump once again refused to accept it.”