Energy
Thursday, March 28th, 2024 2:30 am EDT
Key Points
- Janet Yellen warns about China’s practice of dumping cheaper clean energy products globally, which distorts market prices and harms green manufacturing in the U.S.
- China’s surplus of solar power, electric vehicles, and lithium-ion batteries poses a challenge for emerging green industries in the U.S. and other countries due to their inability to compete with lower-priced Chinese products.
- Yellen plans to address these trade practices during her upcoming visit to China, emphasizing the need for corrective action to protect American industries from unfair competition.
Treasury Secretary Janet Yellen voiced concerns over China’s approach to the global economy, particularly regarding its surplus of clean energy products. During a speech at a Georgia solar company, Yellen highlighted China’s strategy of flooding markets with cheaper solar power, electric vehicles, and lithium-ion batteries, which undermines green manufacturing in the U.S. and elsewhere. She plans to address these trade practices directly during her upcoming visit to China, emphasizing the need for corrective action. Yellen’s remarks underscore ongoing tensions between the U.S. and China, despite recent efforts to improve relations. The Biden administration aims to bolster domestic clean energy industries through investments like the 2022 Inflation Reduction Act, but China’s longstanding investments in clean energy have given it a significant advantage. Yellen warned that China’s surplus could disrupt global market prices and harm supply chains in the energy sector. President Biden has expressed determination to protect American industries from unfair competition, while also addressing cybersecurity and trade concerns with China. Despite diplomatic efforts to stabilize relations, issues like cybersecurity and trade disputes continue to strain U.S.-China ties, with potential ramifications for future trade policies and international relations.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/03/27/yellen-china-solar-ev-surplus-global-markets.html
