OAN’s Stephanie Myers
5:20 PM – Tuesday, May 21, 2024
Treasury Secretary Janet Yellen has stressed the need for the United States and Europe to respond to China’s industrial strategy to keep competition alive.
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Yellen hosted a roundtable with financial executives at the Frankfurt School of Finance and Management on Tuesday. During it, she addressed global macro-economic trends and financial sector risks.
She sounded the alarm about competition from China. Yellen warned that if countries do not respond to China’s industrial policy, businesses in countries around the world could be at risk.
“And industrial overcapacity not only poses a threat to firms in the U.S. and Europe, it could also prevent countries around the world, including emerging markets, from building the industries that could power their growth,” she stated.
Yellen then commended the EU and other countries for being vigilant about investigating and considering remedies to China’s actions.
She mentioned how the U.S. is already acting by hiking tariffs or imposing new tariffs on a number of Chinese imports.
However, that move garnered backlash from economists over how it will affect inflation and from Republicans who say the Biden administration should have acted years ago.
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