U.S. Treasury Secretary Janet Yellen warned on Monday that the United States would not accept new industries being decimated by subsidized Chinese imports in the same way that the U.S. steel sector was crushed a decade ago.
U.S. Treasury Secretary Janet Yellen warned on Monday that the United States would not accept new industries being decimated by subsidized Chinese imports in the same way that the U.S. steel sector was crushed a decade ago.
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U.S. Treasury Secretary Janet Yellen said she had raised concerns about China's weak domestic demand and overinvestment in industries such as electric vehicles, batteries and solar products, fueled by "large-scale government support."
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Yellen said that when the global market is flooded with artificially cheap Chinese products, "the viability of American and other foreign firms is put into question."
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Janet Yellen presses her case for Chinese leaders to rein in excess industrial capacity and boost domestic demand.
Yellen, who is on her second trip to China in nine months to further ease strained ties between the world's two largest economies, has voiced concerns about China's fast-growing exports of electric vehicles, batteries, solar panels and other green-energy goods.
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Yellen spoke about the issue at length with Chinese Premier Li Qiang and also met with Finance Minister Lan Foan on Sunday. She also was meeting with former vice premier Liu He on Monday.
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Janet Yellen says US-China relationship on 'more stable footing' but more can be done to improve ties
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Yellen, who is regarded favourably in China, is the first Cabinet member to visit since Presidents Joe Biden and Xi Jinping met in California in November in a carefully orchestrated meeting to set the troubled relationship between their countries on a better course.
![U.S. Treasury Secretary Janet Yellen said she had raised concerns about China's weak domestic demand and overinvestment in industries such as electric vehicles, batteries and solar products, fueled by "large-scale government support."](https://images.moneycontrol.com/static-mcnews/2024/04/Janet-yellen___q.jpg "U.S. Treasury Secretary Janet Yellen said she had raised concerns about China's weak domestic demand and overinvestment in industries such as electric vehicles, batteries and solar products, fueled by "large-scale government support."")
![Yellen said that when the global market is flooded with artificially cheap Chinese products, "the viability of American and other foreign firms is put into question."](https://images.moneycontrol.com/static-mcnews/2024/04/Janet-yellen__.jpg "Yellen said that when the global market is flooded with artificially cheap Chinese products, "the viability of American and other foreign firms is put into question."")
