Treasury Secretary Janet Yellen has urged bloc leaders to impose tariffs on Beijing’s green technology
US Treasury Secretary Janet Yellen has urged the EU to penalize cheap exports of Chinese green technology, in what could push the bloc toward a trade war with the Asian country.
During a visit to Frankfurt on Tuesday, Yellen reiterated recent claims that China’s excess production capacity threatened both American and EU companies.
“China’s industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk,” Yellen told reporters at the Frankfurt School of Finance and Management.
Yellen argued in favor of 100% tariffs, which are seen by many economists as protectionist and a potential trigger for wider trade wars with China. Last week, US President Joe Biden announced the quadrupling of import duties on Chinese electric vehicles to over 100% and a doubling of semiconductor duties to 50%.
In her remarks in Frankfurt, the Yellen told EU leaders it would be “more forceful to communicate to China as a group.”