Treasury Secy Yellen Warns Of China’s Industrial Strategy To Flood Excess Goods – One America News Network

May 21, 2024 Sophia Flores US 0

WASHINGTON, DC - MAY 10: U.S. Secretary of the Treasury Janet Yellen speaks while presiding over a meeting of the Financial Stability Oversight Council at the Treasury Department on May 10, 2024 in Washington, DC. The council received an update from the Financial Market Utilities Committee and an update on market developments related to corporate credit, as well as a presentation and to vote on a report on nonbank mortgage servicing. (Photo by Kent Nishimura/Getty Images) — U.S. Secretary of the Treasury Janet Yellen speaks while presiding over a meeting of the Financial Stability Oversight Council at the Treasury Department on May 10, 2024 in Washington, DC. (Photo by Kent Nishimura/Getty Images)

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.

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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