The EU, Japan and the U.S. have made a joint statement that they intend to address “excess capacity” in a variety of industries via the WTO and “other forums”. References to state-owned enterprises and forced technology transfer appear pointed largely at China. The availability of broad support from two other major economies’ cooperation will likely embolden President Trump to act against China in the new year, probably via the section 301 review of Chinese intellectual property practices. Action by all three will likely continue in metals. While Chinese exports of steel and aluminum fel...