On April 8, 2024, U.S. Treasury Secretary Janet Yellen attended a press conference at the U.S. Ambassador’s Residence in Beijing.
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FRANKFURT – U.S. Treasury Secretary Janet Yellen said on Tuesday that the United States and Europe need to respond to China’s industrial policies in a “strategic and unified manner” to maintain the viability of manufacturers on both sides of the Atlantic.
Speaking in Frankfurt about the importance of the US-EU alliance, Yellen said that China’s excess industrial capacity threatens the industrial development of US and European companies as well as emerging market countries.
“As we sit in this room, China’s industrial policy may seem far away, but if we don’t respond in a strategic, unified way, the viability of businesses in our two countries and around the world could be jeopardized,” she said. being threatened.
Her comments came a week after the Biden administration announced steep new tariffs on Chinese electric vehicles, solar products, semiconductors, battery parts, steel and other strategic industries.
She warned Chinese officials in April that the United States would not accept overproduction of these goods, which would flood global markets with cheap exports.
Yellen, who received an honorary degree from the Frankfurt School of Finance and Management, said the EU and other countries were taking similar action, using their respective powers to investigate potential trade remedies against Chinese electric vehicles and other products.
Yellen also called on Europe and the United States to work together to oppose Russian aggression and Iran’s “support of terrorism,” including agreeing on how to release some $300 billion worth of Russian frozen sovereign assets to aid Ukraine.
“That’s why I believe that, for Ukraine’s benefit, we must collectively find a path forward that unlocks the value of Russian sovereign assets anchored within our jurisdiction,” Yellen said. “This will be a key theme at this week’s G7 meeting ”
Financial leaders from the Group of Seven industrial democracies are meeting later this week in Tresa, Italy, and Yellen is pushing them to agree on a plan to use revenue streams from frozen Russian sovereign assets to support exports to Russia. Ukraine offers more loans.
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