The EU and the US are currently negotiating a “Global Arrangement on Sustainable Steel and Aluminium” (GSA) to "address carbon intensity and global overcapacity." In an era of intensifying geopolitical rivalry, some champion what they see as innovative sectoral approaches.  Using the latest global trade data for these products, in this factual briefing note Simon Evenett and Fernando Martin assess the leverage such transatlantic action is likely to generate, in particular over Chinese producers.