14 Economies Join U.S. In Pledge To Tackle Industrial Overcapacity, But No Tariffs Are Named
The joint statement sets up sector-by-sector working groups, names five target sectors and a technical meeting before December 2026, but no tariff or rate.
The U.S. and 14 other economies signed a joint ministerial pledge on overcapacity, the Office of the U.S. Trade Representative said Wednesday. The statement names no tariff or rate.
What the statement commits to
The trade office convened senior officials of the 14 economies on the margins of the OECD Trade Committee, the Paris-based forum's trade body. The meeting built on discussions at the G20 Trade Ministerial in Milwaukee, Wisconsin.
Signatories agree to work in "new, dedicated sectoral platforms" to examine structural excess capacity and production, and to take effective action on it, in several key sectors of concern. The signed statement names the first five: autos and electric vehicles, batteries, chemicals, foundational semiconductors and solar panels.
The statement also calls on all countries to end non-market policies and practices that distort markets and perpetuate the problem.
The signatories are the Trade Ministers of Argentina, Australia, Canada, the European Union, France, Germany, India, Italy, Japan, the Republic of Korea, Mexico, Poland, Türkiye, the United Kingdom and the United States. That is 15 signatures in all, with the European Union counted as one.
What Greer said
Ambassador Greer said that during the U.S. G20 presidency, numerous economies raised cases of excess capacity in economies that persistently exceeded global demand and were sustained by foreign governments' non-market policies.
"Left unchecked, these issues will continue to cripple domestic industries, displace local production, and hinder our ability to raise the standard of living for workers and their families," he said. He added that the Trump Administration will keep engaging trading partners to defend domestic industries, workers and the economy from such distortions.
The Joint Ministerial Statement is the follow-up to the Milwaukee discussions.
What to watch
The signatories committed to meet at the technical level before December 2026 to develop terms of reference and share data on structural excess capacity in those sectors.
For now the document is a pledge to set up working groups, not a trade action.
Correction, October 8, 2026: An earlier version of this story said the announcement named no sectors, dates or meetings. The signed statement names five sectors and commits to a technical meeting before December 2026.
Sources
- Fourteen Economies Join the United States in Signing a Joint Ministerial Statement to Address Global Excess Capacity and Production in Key Manufacturing Sectors — Office of the U.S. Trade Representative
- Energy Secretary Chris Wright talks steel tariffs, the U.S. steel industry and the future - CBS Pittsburgh — CBS News
- Office of Public Affairs | Justice Department and USDA Reaffirm and Expand their Partnership to Protect Competition in Agricultural Inputs | United States Department of Justice — justice.gov
- BD and U.S. Government Launch Landmark Partnership to Expand U.S. Manufacturing and Strengthen America's Healthcare Resilience — prnewswire.com
- G7 Releases 100 Million Barrels as Diesel Tops $6 a Gallon — prnewswire.com
