AI Brief
- U.S. Trade Representative Jamieson Greer stated that all EU countries agree on the need for further action to address excess factory capacity in Asia.
- China, Vietnam, and several other countries disagree with the proposed measures to curb overcapacity, according to Greer.
- Over a dozen G20 countries and the EU have agreed to share information and coordinate actions, though specific steps remain undetermined.
WASHINGTON: U.S. Trade Representative Jamieson Greer said on Thursday that all European Union countries agree that more action is needed to curb excess factory capacity largely centered in Asia, but China, Vietnam and some other countries disagree.
He told CNBC that a group of more than a dozen G20 countries and the EU that signed a joint statement on Wednesday will share information and cooperate on coordinated action.
"Now, what that looks like in practice has yet to be seen, but you've already seen the EU this week go to China to ask them to restrain their exports to the EU to deal with China shock 2.0," Greer said.
