Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

US vs. China: Yellen Raises Red Flag Over Green Industry Practice

Daniel Kim Views  

美 재무 '中, 전기차·배터리 저가 제품 시장에 쏟아내지 말라'
 

U.S. Treasury Secretary Janet Yellen warned China on the 27th (local time) not to flood the global market with low-cost products in the green industry.

Janet Yellen, who will be visiting China next month, pointed out during a visit to a solar company in Georgia, “China’s overproduction distorts global prices and production orders, harming American workers and farms. We hear these concerns from both developed and emerging countries.”

She added, “For President Joe Biden and me, it’s important that American workers and farms compete on a fair playing field. I’ve discussed China’s overproduction issue with them and will raise it as a key point during my next visit to China.”

Yellen also expressed concern that “China has previously overproduced metals such as steel and aluminum, causing damage to the global economy. Similar things are happening with solar panels, electric cars, batteries, etc., which will also disrupt the market.”

Yellen’s warning comes as the Biden administration seeks to revive the domestic green industry by providing substantial subsidies and tax breaks through the Inflation Reduction Act (IRA). However, while seeking to decouple from the ‘Chinese supply chain,’ environmental groups are concerned that excluding cost-competitive Chinese products may hinder achieving climate change goals.

Meanwhile, China has sued the World Trade Organization (WTO), claiming that the U.S.’s IRA is a discriminatory measure that hinders fair competition. This has reignited a trade dispute between the U.S. and China.

The Chinese delegation argued, “The IRA is being implemented under the pretext of responding to climate change and protecting the environment, but essentially has discriminatory characteristics as it provides subsidies only when products produced in the U.S. are purchased or imported from specific regions.” In response, the U.S. countered, “China continues to use unfair non-market policies and practices to strengthen the dominance of Chinese manufacturers.”

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[LATEST] Latest Stories

  • BMW's Next-Gen EV: The Bold New i3 Touring Concept Revealed
  • LEGO Technic Ferrari SF-24 F1 Car: A 1,361-Piece Tribute to Ferrari’s 2024 F1 Season
  • Hyundai’s Ioniq 6 Just Took the Top Spot in J.D. Power’s EV Ownership Study
  • Jeep’s Recon: The Next-Gen 600HP Electric SUV Ready to Tackle the Market
  • Tesla Issues Recall for 376,000 Vehicles Due to Steering Assist Malfunction
  • Ferrari Reveals 499P Livery and Driver Lineup for 2025 World Endurance Championship

You May Also Like

  • 1
    This Celebrity Lost 7kg—and Her Diet Includes ...

    LIFESTYLE 

  • 2
    Red vs. White Wine: Which Is Riskier for Cancer? New Study Has the Answer

    LIFESTYLE 

  • 3
    Breakfast vs. Dinner: Which Meal Should You Load Up On for Better Health?

    LIFESTYLE 

  • 4
    Eat More Greens—But Skip the Fake Stuff, Scientists Warn

    LIFESTYLE 

  • 5
    Veggies vs. IBD: New Research Says the Right Diet Might Be a Game-Changer

    LIFESTYLE 

Popular Now

  • 1
    Eli Lilly Moves First in India, Beats Novo in Obesity Drug Showdown

    LIFESTYLE&nbsp

  • 2
    Trump’s Soda Button and 12-Can Habit: A Recipe for Trouble?

    LIFESTYLE&nbsp

  • 3
    New FDA-Approved Pill Targets Constant Hunger in Children with PWS

    LIFESTYLE&nbsp

  • 4
    Too Much Exercise Might Not Help You Live Longer, Says New Study

    LIFESTYLE&nbsp

  • 5
    Novo Nordisk Just Bought the Next Big Thing in Weight Loss

    LIFESTYLE&nbsp

Must-Reads

  • 1
    This Celebrity Lost 7kg—and Her Diet Includes ...

    LIFESTYLE 

  • 2
    Red vs. White Wine: Which Is Riskier for Cancer? New Study Has the Answer

    LIFESTYLE 

  • 3
    Breakfast vs. Dinner: Which Meal Should You Load Up On for Better Health?

    LIFESTYLE 

  • 4
    Eat More Greens—But Skip the Fake Stuff, Scientists Warn

    LIFESTYLE 

  • 5
    Veggies vs. IBD: New Research Says the Right Diet Might Be a Game-Changer

    LIFESTYLE 

Popular Now

  • 1
    Eli Lilly Moves First in India, Beats Novo in Obesity Drug Showdown

    LIFESTYLE 

  • 2
    Trump’s Soda Button and 12-Can Habit: A Recipe for Trouble?

    LIFESTYLE 

  • 3
    New FDA-Approved Pill Targets Constant Hunger in Children with PWS

    LIFESTYLE 

  • 4
    Too Much Exercise Might Not Help You Live Longer, Says New Study

    LIFESTYLE 

  • 5
    Novo Nordisk Just Bought the Next Big Thing in Weight Loss

    LIFESTYLE