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Yellen: U.S. Eyes Targeted Measures Against China Amid Tariff Talks

Daniel Kim Views  

Amid plans for the U.S. to impose “bombshell tariffs” on Chinese electric vehicles (EVs) and other goods, U.S. Treasury Secretary Janet Yellen has stated that China could retaliate significantly.

In an interview with Bloomberg TV on the 13th (local time), Yellen stated that “any measures (against China) should not be broad-based but should focus on areas of concern for the U.S.,” adding that “the U.S. cannot allow emerging industries to be wiped out by China.”

She also expressed, “We hope that there won’t be a significant response from China, but the possibility is always there,” suggesting that the U.S. government is closely monitoring potential retaliatory actions from China. She added, “We will notify China in advance of any announcements,” and “We will see what happens.”

According to the Wall Street Journal (WSJ) and other sources, the Biden administration plans to announce tariff increases on Chinese products as early as the 14th.

The White House has been reviewing the effects of high tariffs imposed on China by the Trump administration in 2018, and as a follow-up measure, plans to impose new tariffs in the clean energy sector, including EVs, solar power, and core minerals.

From China’s perspective, retaliation against the US is inevitable, as US trade barriers are higher than they were under the Trump administration during the “tariff war,” US sanctions are beginning to take effect in the green energy sector, which China has strategically fostered over decades.

Yellen stressed, “China provides substantial subsidies to the EV and solar industries and does not follow fair market rules,” and “Like me, President Biden cannot tolerate being completely dependent on China in these sectors.”

Yellen also revealed that she is monitoring the Chinese government’s exchange rate intervention against the yuan, the euro, and the yen. She stated, “The Group of Seven (G7) nations have agreed not to intervene in exchange rates unless there is extreme volatility,” and “While I won’t mention specific countries, currency intervention should occur very rarely, and if it does happen, it should be reported to trade partners.”

Daniel Kim
content@viewusglobal.com

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