15 Economies Sign US-Led Statement Against Industrial Overcapacity; China, Russia, Brazil, Saudi Arabia Sit It Out

Trade ministers from 15 economies, including the United States, South Korea and Japan, signed a joint statement to build sector-specific platforms addressing manufacturing overcapacity, the U.S. Trade Representative’s office said Wednesday, according to Seoul Economic Daily. The effort is effectively directed at China, which did not sign. The statement does not name the country. USTR said 14 countries joined the United States: South Korea, Japan, Argentina, Australia, Canada, the European Union, France, Germany, India, Italy, Mexico, Poland, Turkey and the United Kingdom. The statement came out of discussions at the Group of 20 trade ministers’ meeting in Milwaukee. The statement…