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

U.S. Treasury: We Must Collaborate to Fight Against China’s Low Cost Offensive

Daniel Kim Views  

U.S. Treasury Secretary Janet Yellen has stated that the U.S. and Europe must collaborate to prevent China’s low-cost offensive. She revealed that this issue will be significantly discussed at the upcoming meeting of finance ministers from the Group of Seven (G7) countries next month.

According to the New York Times (NYT), on the 21st (local time), Yellen made this statement in a speech in Germany before attending the G7 finance ministers’ meeting in Italy. She warned that the flood of low-cost product exports from China could pose a serious threat to the global economy.

Yellen stated, “China’s industrial policies may seem distant at the moment, but if we do not respond in a strategically unified manner, the viability of companies worldwide, including the U.S. and Germany, could be at risk.”

China’s overproduction and low-cost exports in clean energy sectors such as electric vehicles and solar power have recently emerged as common concerns in the U.S. and Europe.

Particularly, the Biden administration, which has made large investments in the domestic clean energy sector, cannot ignore the weakening of its efforts due to China’s overproduction of related products.

According to the NYT, the U.S. is hoping for a joint response similar to when the West united to block the flood of Chinese-manufactured products in the early 2000s.

President Biden dramatically increased tariffs on some imported goods last week, including imposing a 100% tariff on Chinese-made electric vehicles. This U.S. tariff increase is expected to influence Europe’s decisions, which is currently investigating subsidies for Chinese electric vehicles and other products.

The NYT also reported that the U.S. hopes to convince China, through a united front, that Europe, China’s largest trading partner, is ready to build trade barriers against China. Yellen, while mentioning China’s ambitions to dominate the clean energy technology sector, emphasized that “this could hinder the growth industries of countries worldwide, including emerging markets.”

Daniel Kim
content@viewusglobal.com

Comments1

300

Comments1

  • Globo

    Ford sold 650 000 cars to China in 2023, VW sells a lot in China and so on. Yellen will not find much collaboration, not in the US industry not in Europe China is already indispensable

[WORLD] Latest Stories

  • Porsche Taycan GTS Breaks Guinness Record with 10.9-Mile Ice Drift
  • Sweden Boosts Surveillance in Baltic Sea: Troops, Warships, and Aircraft to Monitor Threats
  • Africa's MPOX Variant Clade 1b Reaches France: Health Officials Take Action
  • LA Wildfires’ Economic Toll Hits $50 Billion, Doubling Early Estimates
  • Real Reason Trump Wants Greenland and the Panama Canal: Geopolitical Dominance
  • Kremlin Watches Trump's Greenland Acquisition Plans as Tensions Rise

You May Also Like

  • 1
    Actress Swears by Morning Saltwater—Doctors Say Don’t Overdo It

    LIFESTYLE 

  • 2
    Sweet and Salty? Tastes Great, But Here's What It's Doing to Your Body

    LIFESTYLE 

  • 3
    Yogurt: Diet Savior or Sneaky Saboteur? Here's What You Should Know

    LIFESTYLE 

  • 4
    Blackberries vs. Raspberries: Which Berry Is the Low-Calorie King?

    LIFESTYLE 

  • 5
    Why Some People Gain Weight on Salads—and Others Don’t

    LIFESTYLE 

Popular Now

  • 1
    This Vitamin Could Help You Fight Fatigue, Infections, and More

    LIFESTYLE 

  • 2
    Olive Oil on an Empty Stomach – Hype or Health Miracle?

    LIFESTYLE 

  • 3
    Why Guava Is a Must-Have for Anyone Watching Their Blood Sugar

    LIFESTYLE 

  • 4
    Parkinson's Puzzle: Study Explains How PINK1 Gene Fights Cell Damage

    LIFESTYLE 

  • 5
    Feeling Drained No Matter How Much You Sleep? Here’s Why

    LIFESTYLE 

Must-Reads

  • 1
    Actress Swears by Morning Saltwater—Doctors Say Don’t Overdo It

    LIFESTYLE 

  • 2
    Sweet and Salty? Tastes Great, But Here's What It's Doing to Your Body

    LIFESTYLE 

  • 3
    Yogurt: Diet Savior or Sneaky Saboteur? Here's What You Should Know

    LIFESTYLE 

  • 4
    Blackberries vs. Raspberries: Which Berry Is the Low-Calorie King?

    LIFESTYLE 

  • 5
    Why Some People Gain Weight on Salads—and Others Don’t

    LIFESTYLE 

Popular Now

  • 1
    This Vitamin Could Help You Fight Fatigue, Infections, and More

    LIFESTYLE 

  • 2
    Olive Oil on an Empty Stomach – Hype or Health Miracle?

    LIFESTYLE 

  • 3
    Why Guava Is a Must-Have for Anyone Watching Their Blood Sugar

    LIFESTYLE 

  • 4
    Parkinson's Puzzle: Study Explains How PINK1 Gene Fights Cell Damage

    LIFESTYLE 

  • 5
    Feeling Drained No Matter How Much You Sleep? Here’s Why

    LIFESTYLE 

Share it on...