The Japan News on Nostr: Yellen Says China’s Trade Policies Could ‘Interfere Significantly’ with US ...
Yellen Says China’s Trade Policies Could ‘Interfere Significantly’ with US Bilateral Relationship
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Treasury Secretary Janet Yellen warns that China's trade policies could interfere with the US economic relationship. Yellen expresses concern about China's overconcentrated supply chains and their impact on US jobs and investments in the green energy sector. She emphasizes the need for the US to respond to foreign subsidies that threaten domestic firms, particularly in strategic sectors like green energy. Yellen cites the manufacturing of electric vehicles, batteries, and solar energy equipment as areas where Chinese government subsidies have driven rapid expansion of production. She rejects the idea of 'decoupling' from China but emphasizes the importance of a level playing field in the economic relationship. Yellen's speech comes as former President Donald Trump presents his case for returning to the Oval Office and both Biden and Trump express their intention to be tough on China. The US recently imposed major tariffs on Chinese products, and the European Union is also increasing tariffs on Chinese electric vehicles due to unfair subsidization. Yellen points to the share of Chinese manufacturing firms losing money, high savings rates, and restrictive investment policies as concerns. She traveled to China earlier this year to discuss industrial policy and manufacturing overcapacity.
#JanetYellen #China #Us #TradePolicies #GreenEnergy #Subsidies #Tariffs
https://japannews.yomiuri.co.jp/news-services/ap/20240614-191892/
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Treasury Secretary Janet Yellen warns that China's trade policies could interfere with the US economic relationship. Yellen expresses concern about China's overconcentrated supply chains and their impact on US jobs and investments in the green energy sector. She emphasizes the need for the US to respond to foreign subsidies that threaten domestic firms, particularly in strategic sectors like green energy. Yellen cites the manufacturing of electric vehicles, batteries, and solar energy equipment as areas where Chinese government subsidies have driven rapid expansion of production. She rejects the idea of 'decoupling' from China but emphasizes the importance of a level playing field in the economic relationship. Yellen's speech comes as former President Donald Trump presents his case for returning to the Oval Office and both Biden and Trump express their intention to be tough on China. The US recently imposed major tariffs on Chinese products, and the European Union is also increasing tariffs on Chinese electric vehicles due to unfair subsidization. Yellen points to the share of Chinese manufacturing firms losing money, high savings rates, and restrictive investment policies as concerns. She traveled to China earlier this year to discuss industrial policy and manufacturing overcapacity.
#JanetYellen #China #Us #TradePolicies #GreenEnergy #Subsidies #Tariffs
https://japannews.yomiuri.co.jp/news-services/ap/20240614-191892/