Treasury Secretary Janet Yellen says the Biden administration will push China to change an industrial policy that poses a threat to U.S. jobs. Yellen said this on Monday after four days of talks with Chinese officials.
U.S. Treasury Secretary Janet Yellen speaks during a press conference in Beijing , China , Monday, April 8, 2024. U.S. Treasury Secretary Janet Yellen arrives for a press conference in Beijing , China , Monday, April 8, 2024. U.S. Treasury Secretary Janet Yellen , left talks with Governor of the People’s Bank of China Pan Gongsheng as they meet at the People’s Bank of China in Beijing China , Monday, April 8, 2024.
“China is now simply too large for the rest of the world to absorb this enormous capacity. Actions taken by the PRC today can shift world prices,” she said, using the acronym for China’s official name, the People’s Republic of China. “And when the global market is flooded by artificially cheap Chinese products, the viability of American and other foreign firms is put into question.
On Saturday, the official Xinhua News Agency said that the Chinese side had “responded fully to the issue of production capacity” during Yellen’s talks with Vice Premier He Lifeng, the lead person for China-U.S. economic and trade affairs, On the war in Ukraine, Yellen warned that any banks that facilitate the sale of military or dual-use goods to Russia could face U.S. sanctions.
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