Home Technology Facing China’s overcapacity, Yellen: Doesn’t rule out providing more protection for new American industries

Facing China’s overcapacity, Yellen: Doesn’t rule out providing more protection for new American industries

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Facing China’s overcapacity, Yellen: Doesn’t rule out providing more protection for new American industries

US Treasury SecretaryyellenUS President Donald Trump said on Wednesday (3) that he will not rule out taking more measures to protect the US clean energy industry from China’s oversupply.investand production capacity, but she declined to say whether she would raise the possibility of new tariffs in talks with Chinese officials.

Yellen is scheduled to visit China on the 4th. On his second visit to China, when the plane stopped in Alaska to refuel, he told reporters that the Biden administration has cultivated the United StatesElectric CarElectric vehicle batteries, solar panels and other critical product supply chains are serious considerations.

Asked whether she would raise the threat of new trade barriers in talks with her Chinese counterparts, Yellen said: “We are providing tax subsidies to some of these industries, and I don’t want to rule out other possible avenues. From whom we can protect them.” Industry.” He did not specify whether the measures included tariffs.

“But I think not just the United States, but many countries, including Mexico, Europe and Japan, are feeling tremendous pressure from China’s huge investment in these industries,” Yellen said.

Yellen will visit the manufacturing and export hub Guangzhou in southern China and the capital Beijing for about a week, during which she plans to raise US concerns about China’s vast and growing excess manufacturing capacity, particularly new energy products. Are.

Yellen said: “We are trying to develop the solar cell, electric vehicle battery and electric vehicle industries. These are really the areas where huge investment from China has created tremendous potential.”

The US Treasury Department said Chinese officials Yellen will meet will include Chinese Vice Premier He Lifeng, Guangdong Governor Wang Weizhong and senior executives of US companies in China. Yellen will hear in person about the challenges in the business environment that have prompted American companies to limit investment in China.

This visit is Yellen’s second visit to China after becoming Treasury Secretary. He had earlier visited Beijing in July 2023 with the aim of rebuilding economic ties between the two countries after years of frosty relations.

His departure came a day after US President Joe Biden and Chinese President Xi Jinping spoke directly for the first time since November, with tensions centering over US national security technology sanctions on Taiwan and China.

Yellen’s last meeting with Lifeng took place last November on the eve of the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, where Biden met Xi Jinping.

His meeting with He Lifeng was followed by a series of meetings between US Treasury officials and Chinese finance and central bank officials, where views were exchanged on a range of economic topics, including the plight of China’s real estate industry. But since these discussions were not formal negotiations, they did not result in any policy changes.

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