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Yellen also called on Europe to take action against China's hoarding

Yellen also called on Europe to take action against China's hoarding

Janet Yellen, US Treasury Secretary, stressed the need for the United States and Europe to act in a coordinated manner against excessive industrial production in China. At the press conference held in Frankfurt, he stressed that the finance ministers of the G7 countries share the United States' concerns about China's dominance of the clean energy sector.

According to Yellen, although detailed coordination on trade measures is not necessary, it will be important to develop a strong common position toward China.

Yellen warned that China's industrial policy threatens not only American and European companies, but also industrial development in emerging markets. The United States has already acted on these concerns, announcing new tariffs on Chinese electric vehicles and solar products, among other things.

The Treasury Secretary added that the Biden administration's goal is to protect American workers and companies from unfair competition. In addition, he emphasized that they want to promote the healthy development of the green technology sector around the world.

In her speech, Yellen mentioned that the European Union and other countries are similarly examining potential trade remedies related to Chinese products. The Minister also stressed the importance of the G7 countries providing significant assistance to Ukraine using funds generated from the freeze on Russian assets.

These issues will also be on the agenda of the G7 meeting to be held in Stresa, Italy. Yellen stressed the urgency and vital importance of finding a joint solution on how to use the volume of frozen Russian assets to benefit Ukraine. He urged the United States and the European Union to work jointly against Russian aggression and other global challenges.

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Source: Reuters

Cover image source: Getty Images

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