U.S. Treasury Secretary Janet Yellen speaks while chairing a meeting of the Treasury Department’s Financial Stability Oversight Board on May 10, 2024 in Washington, DC.
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U.S. Treasury Secretary Janet Yellen said on Monday that the United States would likely see a significant response from China following any U.S. tariff action, with new tariffs expected to be imposed on certain industries this week.
“President Biden believes that anything we do should be specific to our concerns and not broad, and hopefully we won’t see a significant reaction from China. But that’s always possible,” Yellen told Bloomberg said in a TV interview.
Yellen’s comments ahead of a broadband event come as U.S. President Joe Biden is expected to announce new tariffs on Tuesday, including a significant increase in taxes on electric vehicles.
Sources told Reuters last week that tariffs would also target semiconductors, solar equipment and medical supplies.
When asked whether the United States wanted to fight a trade war with China, Yellen said: “We are trying to stabilize our economic relationship. We don’t want to be economically divorced from China, but we do think the playing field should be level, and China is engaged in huge subsidies. Wait for unfair behavior.
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