US Treasury Secretary Janet Yellen warns China about the potential decimation of new industries due to Chinese imports. Yellen emphasizes the need for Beijing to rein in excess industrial capacity and avoid a repeat of the 'China shock' in the early 2000s. However, she does not threaten new tariffs or trade actions regarding China's support for green energy goods.
US Treasury Secretary Janet Yellen shakes hands with People's Bank of China Governor Pan Gongsheng during her visit to the central bank's headquarters in Beijing on Apr 8, 2024. BEIJING: US Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports as she wrapped up four days of meetings to press her case for Beijing to rein in excess industrial capacity.
Yellen said her exchanges with Chinese officials had advanced American interests and that US concerns over excess industrial capacity were shared by Washington's European allies, Japan, Mexico, the Philippines and other emerging markets. But Beijing says the recent focus by the US and Europe on the risks from China's excess capacity is misguided.
Chinese Commerce Minister Wang Wentao voiced more pointed objections during a roundtable meeting with Chinese EV makers in Paris, saying US and European assertions of Chinese excess EV capacity were groundless.
US Treasury Secretary China Excess Industrial Capacity Chinese Imports China Shock Tariffs Trade Actions Green Energy Goods
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