Threat of US Steel Probe Looms Over G-20 Summit

American president Donald Trump and German chancellor Angela Merkel attend G20 talks

The White House is considering using this rationale to impose new restrictions, either by imposing tariffs, quotas or a combination of the two.

The G 20 Summit was a great success for the U.S. - Explained that the U.S. must fix the many bad trade deals it has made.

The rising global threat posed by Pyongyang is likely to see conflicts over climate and trade take a back seat as regional neighbours China, Japan and South Korea gather with Trump and Russian strongman Vladimir Putin in Hamburg.

In fact, of the top 10 foreign steel suppliers, of which Canada is the largest, six are tied to the United States through NATO, NAFTA or bilateral defense treaties; two others, Taiwan and Brazil, are old US friends.

The EU is the second largest producer of steel in the world after China.

The tension over steel evokes the confrontations at the Group of Seven summit in May, where leaders haggled over climate policy before eventually settling on a six-against-one stance with Trump as the outlier.

"Getting ready to leave for Poland, after which I will travel to Germany for the G-20". Walking away, he looked toward reporters and pumped his fist in the air. Trump's Commerce Department launched its review in April, missed a self-imposed deadline for a decision last month and is expected to announce a verdict soon.

The U.S. has often criticized China for illegally subsidizing the steel and aluminum industries and contributing to a global glut of the metals.

It is unclear, though, whether that approach will be effective.

His counterparts are bracing for fresh surprises after Trump stunned the world by pulling out of the 2015 Paris climate pact, questioned long-standing North Atlantic Treaty Organisation allegiances and dismissed free trade principles. "Things are starting to kick in now, and we have just begun", he wrote. "That would be wrong", Juncker said.

Whether a trade war in fact ensues, the world has been clear that it isn't behind Trump's protectionist trade policies and that they'll carry on as necessary on trade without US involvement.

"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.

Also looming over the gold price are the minutes of June's Fed meeting, which many awaiting for news about the Fed's plans for further interest rate hikes this year, Reuters reported. Hence, the Obama administration imposed trade barriers on Chinese steel, which is one reason China's share of the US market has been declining of late - though Chinese exporters are suspected of diverting some through cutout firms in Vietnam.

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