US Treasury Secretary sees new potential in China’s economy. United States (US) Treasury Secretary Janet Yellen suggested her country would retain options to protect new industrial sectors against China.
This was revealed by Yellen on a trip to China, after what she described as the Asian country’s massive investment in various fields including clean energy.
When Yellen was asked whether she would discuss potential new trade barriers to address China’s problem of overcapacity in the green energy sector, she said she “didn’t want to rule out other possible ways we could protect the sector,” she explained.
Yellen’s comments come as China’s leaders pour money into manufacturing. The new industrial focus of the Bamboo Curtain Country is electric vehicles, batteries and renewable energy, to find new sources of growth.
Later, the White House has also hinted at a pending tariff decision, saying that President Joe Biden discussed China’s unfair trade policies and non-market economic practices, in a phone call earlier this week with Chinese president Xi Jinping. US Treasury Secretary sees new potential in China’s economy.
It is known that Yellen’s visit to China was partly aimed at highlighting excess industrial capacity which she feared could disrupt the global economy.
During her visit, Yellen is scheduled to be in Guangzhou for two days, a commercial and manufacturing hub in southern China, starting April 5. Afterwards, Yellen will leave for Beijing to continue a series of talks over two more days.
