VOA News | Monday, April 8, 2024 
Yellen says US will not accept Chinese imports decimating new industries 

BEIJING — 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 media 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, batteries, solar panels and other green energy goods. Yellen used her second trip to China in nine months to complain that China’s overinvestment has built factory capacity far exceeding domestic demand, while fast-growing exports of these products threaten firms in the U.S. and other countries. She said a newly created exchange forum to discuss the excess capacity issue would need time to reach solutions. 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 government support led to below-cost Chinese steel…Read more