EU Rejects US Trade Probe Allegations of Market Overcapacity

The European Union rebuffed US allegations that it’s contributing to global market overcapacity, and vowed to respond “firmly and proportionally” if Washington imposes tariffs that breach a trade deal with the bloc.

“The sources of such overcapacity are well identified, and they do not lie in Europe,” said Olof Gill, a spokesperson for the European Commission, the EU’s executive arm.