FRANKFURT: US Treasury Secretary Janet Yellen mentioned on Tuesday that america and Europe wanted to reply to China’s industrial overcapacity in a “strategic and united method” to maintain producers viable on each side of the Atlantic.
Yellen instructed reporters throughout a go to to Frankfurt that G7 finance ministers shared US considerations about Chinese language efforts to dominate clear vitality industries, however didn’t want “detailed coordination” on commerce actions following the imposition of steep US tariffs on Chinese language items.
“However I do assume that the considerations about China’s technique are shared and all I’m suggesting is that on condition that many nations share this concern, it’s extra forceful to speak to China as a bunch,” Yellen mentioned.
In remarks on the US-European alliance in Frankfurt, Yellen mentioned China’s extra industrial capability threatened each American and European companies in addition to the economic improvement of rising market nations.
“China’s industrial coverage could appear distant as we sit right here on this room, but when we don’t reply strategically and in a united method, the viability of companies in each our nations and all over the world might be in danger,” she mentioned.
Revealed in Daybreak, Might twenty second, 2024