G20 backs Milwaukee Framework to curb steel glut, echoing US tariff rationale

G20 trade officials in Milwaukee announced the 'Milwaukee Framework,' an agreement to tackle the global steel glut by curbing market-distorting subsidies and enhancing monitoring. This marks a shift as more countries adopt the US argument that trade imbalances and excess production warrant action, even as US tariffs disrupt the global economy. The framework's implementation and enforcement remain uncertain, but it signals a potential realignment in global trade policy.