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. ‘s ramped-up production in solar energy, electric vehicles and lithium-ion batteries, calling it unfair competition that “distorts global prices” and “hurts American firms and workers, as well as firms and workers around the world.

The firm’s history is something of a warning on the impact of oversaturation of markets by Chinese products - and a marker of the state of U.S.-on Tuesday filed a World Trade Organization complaint against the U.S. over what it says are discriminatory requirements for electric vehicle subsidies. The Chinese Commerce Ministry didn’t say what prompted the move.

The European Union, also concerned about the potential threat to its auto industry, launched its own investigation into Chinese subsides for electric vehicles last year. “In the past, in industries like steel and aluminum, Chinese government support led to substantial overinvestment and excess capacity that Chinese firms looked to export abroad at depressed prices,”“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.Wednesday and called for closer trade ties with the U.S.

Xi emphasized Wednesday the mutually beneficial economic ties between the world’s two largest economies, despite heavy U.S. tariffs on Chinese imports and

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