President Xi and Chancellor Merkel have agreed to deepen strategic relations between the two countries, especially in relation to the steel industry. The two will work together under the auspices of the G20 to cut excess capacity. That would appear to run parallel to both the OECD-led Global Forum and the U.S.-EU-Japan triumvirate that all have the same aim. The timing comes close to U.S. section 232 metals tariffs, and could jeopardize the EU’s exemption from them. Trade in basic steel between the two countries climbed 24% in 2017 to reach $1.8 billion, with Germany outselling China ...