Trade policy roundup: G20 steel overcapacity deal, no date for US–China tariff cuts, US refund phase opens
G20 trade officials announced an agreement on global steel overcapacity, while Washington gave no timetable for planned US–China tariff cuts. US Customs also opens a new phase of its IEEPA tariff refund system on 6 October.
- G20 trade officials meeting in Milwaukee announced a new agreement on the global steel glut.
- US Trade Representative Jamieson Greer said no date has been set for tariff cuts linked to a US–China Board of Trade.
- US Customs and Border Protection (CBP) opens Phase Three of its CAPE refund system for IEEPA tariffs on 6 October, but only for eligible companies.
G20 targets steel overcapacity
At a G20 trade meeting in Milwaukee this week, officials announced an agreement to deal with excess global steel production. Commentators say it fits a wider trend: more governments now accept that large trade imbalances and overproduction can hurt domestic industries and may justify action. The full terms of the agreement were not available in the reporting we reviewed.
For Europe–Asia trade, steel is a sensitive area. Overcapacity, much of it in Asia, has driven trade defence measures in several markets. Any coordinated G20 approach could affect future duties, quotas or monitoring of steel flows.
No timetable for US–China tariff cuts
On 1 October, US Trade Representative Jamieson Greer said no date has been set for tariff reductions tied to a US–China Board of Trade. This leaves importers of Chinese goods into the US without a clear timeline for relief.
US refund system: Phase Three starts 6 October
CBP has announced that Phase Three of its CAPE refund system for tariffs collected under the International Emergency Economic Powers Act (IEEPA) launches on 6 October. Only companies that meet specific eligibility conditions can take part in this phase. The refunds follow a US Supreme Court ruling earlier in 2026 that struck down several emergency tariffs imposed under IEEPA. Separately, additional Section 301 tariffs of 10% or 12.5%, depending on the economy investigated, have applied since 24 July 2026.
What this means for shippers
- Steel and metal goods: Exporters and importers should watch for follow-up measures from the G20 steel agreement. New trade defence steps may affect landed costs and paperwork.
- US-bound cargo from Asia: With no timetable for US–China tariff cuts, current tariff assumptions should stay in budgets and quotes for now.
- Refund claims: Companies that paid IEEPA tariffs as US importer of record should check with their customs broker whether they qualify for Phase Three.