BEIJING, April 8 (Reuters) – The United States will not let its new industries be stifled by low-cost Chinese products, as the steel sector was a decade ago, the Treasury Secretary said on Monday American, Janet Yellen, at the end of a four-day official trip to China.
Janet Yellen raised concerns about weak Chinese demand and overinvestment in some sectors, such as electric vehicles, batteries and solar panels, through “large-scale subsidies.”
“It’s like déjà vu. More than ten years ago, the massive support of the Chinese government allowed Chinese steel sold at a loss to flood the world market and decimate the sector in the United States and in the whole world,” said the manager. “President Biden and I will not accept such a situation again, I have been clear on this point.”
Janet Yellen explained that artificially low priced Chinese products called into question the “viability of American and foreign companies.” (Reporting David Lawder, French version Corentin Chappron, editing by Kate Entringer)
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