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In August China produced 27% more steel than all other countries combined and US is the only country that could lead global effort to stop this.

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Per yesterday’s data from World Steel Association global production of steel in August 2019 was 156.0 million tons, including China 87.3 million ton, whole world minus China produced only 68.8 million tons.

China alone produced 27% more steel than the combined production of all other countries.

The trend started in 2001 and each and every year it is worse.

At present China is using 85-90% of produced steel, they are building colossal value of first rate infrastructure inside China, so exports are relatively minor.

But in a few years when infrastructure building will slow Chinese surplus steel will definitely kill global steel industry.

The same was earlier with equipment for renewables: wind turbines, solar panels etc.

To be honest China does nothing wrong, but when you have an elephant and many ants, ants have to protect themselves or be trampled.

In my opinion the only solution is a global effort against this practices, I mean legislation that when 1 country produces more than 20-30% of global output of important goods it is automatically named DOMINANT PRODUCER and any country in the world could automatically impose any tariffs or import/export controls to protect domestic market, simply as a matter of national security.

It is not good to have cheap stuff for 5 years and later unemployment and being on Chinese mercy. If you take under consideration EXTERNALITIES Chinese products are very expensive.

The legislation would not name China or any country, but in 95% of cases it will be directed against China as dominant producer.

And US under Trump administration should propose this, actually it is the only country that could not be bullied into Chinese economic submission YET.

Is it possible to do under WTO or otherwise ?

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