Yellen Stands Firm Against Subsidized Chinese Imports to Protect U.S. Industries
U.S. Treasury Secretary Janet Yellen issued a cautionary statement on Monday, emphasizing that the United States would stand against the undermining of new sectors by subsidized imports from China, reflecting on the past devastation of the U.S. steel industry.
Following a series of discussions with Chinese officials lasting four days, Yellen expressed at a press conference that the dialogues were beneficial for American interests.
During the talks, she voiced concerns regarding China’s insufficient internal demand and excessive investments in sectors like electric vehicles, batteries, and solar products, which are heavily supported by the government.
She remarked, “We’ve seen this story before. Over a decade ago, massive PRC government support led to below-cost Chinese steel that flooded the global market and decimated industries across the world and in the United States,” referring to China by its official name, the People’s Republic of China. Yellen stated her and President Biden’s firm stance, saying, “I’ve made it clear that President Biden and I will not accept that reality again.“
Yellen highlighted the risks posed when the global market becomes saturated with Chinese products priced below their actual cost, questioning the survival of American and other foreign companies.
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