The U.S. Treasury Secretary said Tuesday that China’s excess industrial capacity threatened both American and European firms as well as the industrial development of emerging market countries
FILE PHOTO: U.S. Treasury Secretary Janet Yellen speaks to reporters, alongside Ukrainian Prime Minister Denys Shmyhal, at the sidelines of IMF-World Bank Spring Meetings at the World Bank in Washington, U.S., April 17, 2024. REUTERS/Kevin Lamarque/File PhotoU.S. Treasury Secretary Janet Yellen said on Tuesday that the United States and Europe needed to respond to China’s industrial policies in a “strategic and united way” to keep manufacturers viable on both sides of the Atlantic.
“China’s industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk,” she said. She had warned Chinese officials in April that the U.S. would not accept their excess production of these goods that would flood global markets with cheap exports.
Yellen also called for Europe and the U.S. to stand together against Russian aggression and Iranian “support for terrorism,” including agreeing on a way to unlock the value of some $300-billion worth of frozen Russian sovereign assets to aid Ukraine.
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