Yellen says China's rapid buildout of its green energy industry 'distorts global prices'

Treasury Secretary Janet Yellen testifies during a Senate Finance hearing to examine President Joe Biden’s proposed budget request for fiscal year 2025 on Capitol Hill Thursday, March 21, 2024, in Washington.

Yellen, who is planning her second trip to China as Treasury secretary, says in remarks prepared for delivery Wednesday in Georgia that she will convey her belief that Beijing’s increased production of green energy also poses risks “to productivity and growth in the Chinese economy.”China is the dominant player in batteries for electric vehicles and has a rapidly expanding auto industry that could challenge the world’s established carmakers as it goes global.

“These are concerns that I increasingly hear from government counterparts in industrialized countries and emerging markets, as well as from the business community globally,” she said. The tone of Yellen’s speech stands in contrast to Chinese leader Xi Jinping, who met with American business leaders in Beijing Wednesday and called for closer trade ties with the U.S. amid a steady improvement in relations that had sunk to the lowest level in years.

Xi emphasized Wednesday the mutually beneficial economic ties between the world’s two largest economies, despite heavy U.S. tariffs on Chinese imports and Washington’s accusations of undue Communist Party influence, unfair trade barriers and theft of intellectual property.Hussein reports on the U.S. Treasury Department for The Associated Press. She covers tax policy, sanctions and any issue that relates to money.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US Treasury Secretary Yellen says interest rates unlikely to return to pre-COVID levelsUS Treasury Secretary Janet Yellen stated that it is unlikely for interest rates in the US to go back to pre-COVID-19 levels. She also mentioned the steps taken to support the domestic electric vehicle industry and the challenges faced in containing Chinese battery content in US-produced EVs.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Treasury Secretary Janet Yellen Reacts to Rising InflationTreasury Secretary Janet Yellen discusses the February CPI and rising inflation, stating that the trend is favorable despite monthly fluctuations. President Biden's priority is addressing high costs.
Source: BreitbartNews - 🏆 610. / 51 Read more »

US Treasury Secretary Janet Yellen walks back transitory inflation claims: 'I regret saying it'After predicting in 2021 that inflation would be 'transitory,' U.S. Treasury Secretary Janet Yellen admitted her 'regret' as 'it's lasted longer than' a few weeks or months.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Treasury Secretary Yellen admits Biden lacks plan to prevent Social Security insolvencyTreasury Secretary Janet Yellen has admitted that President Biden "doesn’t have a plan" — only "principles" — when it comes to preventing Social Security from going insolvent around a decade from now.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Senators hammer Treasury chief Yellen on possible tax increases for the middle classPresident Biden is committed to not raising taxes on Americans earning less than $400,000, said Treasury's Yellen.
Source: CNBC - 🏆 12. / 72 Read more »

Treasury chief Yellen defends Biden budget against Republican senators' fears of tax increasesPresident Joe Biden is committed to not raising taxes on Americans earning less than $400,000, Treasury Secretary Janet Yellen told senators at a hearing.
Source: CNBC - 🏆 12. / 72 Read more »