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Treasury Sec. Yellen: US will not accept Chinese imports decimating new industries
Posted on 4/8/24 at 1:26 pm
Posted on 4/8/24 at 1:26 pm
quote:
BEIJING, April 8 (Reuters) - U.S. Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports, as she wrapped up four days of meetings to press her case for Beijing to rein in excess industrial capacity.
Yellen told a press conference that U.S. President Joe Biden would not allow a repeat of the "China shock" of the early 2000s, when a flood of Chinese imports destroyed about 2 million American manufacturing jobs.
She did not, however, threaten new tariffs or other trade actions should Beijing continue its massive state support for electric vehicles (EVs), batteries, solar panels and other green energy goods.
Yellen used her second trip to China in nine months to complain that Beijing's overinvestment has built factory capacity far exceeding domestic demand, while fast-growing exports of these products threaten companies in the U.S. and other countries.
quote:
Yellen drew parallels to the pain felt in the U.S. steel sector in the past.
"We've seen this story before," she told reporters. "Over a decade ago, massive PRC (People's Republic of China) government support led to below-cost Chinese steel that flooded the global market and decimated industries across the world and in the United States."
Yellen added: "I've made it clear that President Biden and I will not accept that reality again."
When the global market is flooded with artificially cheap Chinese products, she said, "the viability of American and other foreign firms is put into question."
quote:
China's parliament, the National People's Congress, said in March the government would take steps to curb industrial overcapacity.
But Beijing says the recent focus by the U.S. and Europe on the risks from China's excess capacity is misguided.
Chinese officials say the criticism understates innovation by companies in China and overstates the importance of state support in driving their growth. They also say tariffs or other trade curbs will deprive global consumers of green energy alternatives key to meeting global climate goals.
WTO RULES Trade curbs on Chinese EVs would contravene World Trade Organisation rules, the industry and information technology ministry said in a statement carried by state media CCTV and China Daily.
The Chinese ministry added that it was committed to support EV exports and would help "accelerate the overseas development" of the industry including planning for shipping and logistics and support for firms to innovate and meet global standards.
quote:
Rather than subsidies, China's EV companies rely on continuous technological innovation, perfect production and supply chain systems and full market competition, Wang said on his trip to discuss a European Union anti-subsidy inquiry.
Yellen suggested a possible short-term solution was for China to take steps to bolster consumer demand with support for households and shift its growth model away from supply-side investments.
quote:
In a CNBC interview after the meetings, Yellen said she was "not thinking so much" about trade curbs on China, as much as shifts in its macroeconomic environment. But she reiterated she would not rule out tariffs.
LINK /
Just realized Janet Yellen is 77 years old. What is it that we seem to want old arse people, over a decade past Social Security collecting age, running our country?
Yellen - 77
Biden - 80
Trump - 77
McConnell - 82
Pelosi - 84
Posted on 4/8/24 at 1:29 pm to ragincajun03
quote:
Yellen added: "I've made it clear that President Biden and I will not accept that reality again."
For some reason, I don't think China is worried about this.
Posted on 4/8/24 at 1:30 pm to ragincajun03
Funny.
Sounds very Trumpish.
As per usual, Dems stealing their opponents' positions to lie in an election year.
Sounds very Trumpish.
As per usual, Dems stealing their opponents' positions to lie in an election year.
Posted on 4/8/24 at 1:31 pm to ragincajun03
quote:
U.S. President Joe Biden would not allow a repeat of the "China shock" of the early 2000s, when a flood of Chinese imports destroyed about 2 million American manufacturing jobs.
American mfg has been priced out of the global market. Its not coming back, you cant save it.
Posted on 4/8/24 at 1:35 pm to ragincajun03
quote:
U.S. Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports
LMAO! They're literally pretending to run their campaign on Trump's agenda.
You can't make this up.
Posted on 4/8/24 at 1:51 pm to ragincajun03
Here is the important takeaway:
If they won't do anything to stop China, then they are definitively accepting it. This is like Mayorkas saying the border is not open while (literally) millions of illegals stream in during his watch.
It's like they take turns to see the biggest like they can get away with.
quote:
U.S. Treasury Secretary Janet Yellen warned China on Monday that Washington will not accept new industries being decimated by Chinese imports
quote:
She did not, however, threaten new tariffs or other trade actions should Beijing continue
If they won't do anything to stop China, then they are definitively accepting it. This is like Mayorkas saying the border is not open while (literally) millions of illegals stream in during his watch.
It's like they take turns to see the biggest like they can get away with.
Posted on 4/8/24 at 2:01 pm to ragincajun03
quote:
What is it that we seem to want old arse people, over a decade past Social Security collecting age, running our country?
You young uns can’t figure out which bathroom to use. Why in the hell would we let you run the country?
Posted on 4/8/24 at 2:03 pm to ragincajun03
Nonsense!!!
SFP said that China being any kind of threat is Right wing banter.
SFP said that China being any kind of threat is Right wing banter.
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