MARKETS, HOW DO THEY WORK? Three Amigos “call for action to address excess global steel supply.”

In statements released as the summit began, the three countries announced the Nafta rule-of-origin changes will affect pharmaceuticals, cosmetics, rubber, metals, industrial and electrical machinery, precision instruments and natural gas.

On steel, the countries “agree on the need for governments of all major steel-producing countries to make strong and immediate commitments to address the problem of global excess steelmaking capacity,” a statement from Canadian Prime Minister Justin Trudeau’s office said.

I suppose prices could be allowed to fall until inefficient producers are forced out, but that would eliminate channels for cronyism and graft.