Treasury Secretary Janet Yellen says Chinese “overconcentrated supply chains” pose a threat to U.S. jobs and recent investments meant to build up the U.S. green energy sector.
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    5 months ago

    This is the best summary I could come up with:

    There is particular concern that China’s green energy products will undermine massive climate-friendly investments made through the Democrats’ Inflation Reduction Act that President Joe Biden signed into law in August 2022.

    Yellen’s speech comes as former President Donald Trump presents his case before the Business Roundtable in Washington, an association of more than 200 CEOs, for why the economy would be better if he returned to the Oval Office.

    The U.S. last month slapped major new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment.

    China’s solar cell plants and steel and aluminum mills have enough capacity to meet much of the world’s demand, with Chinese officials arguing their production keeps prices low and would aid a transition to the green economy.

    During her Thursday speech, Yellen pointed to the share of Chinese manufacturing firms losing money, high savings rates in comparison to other OECD countries and restrictive investment policies, among other issues.

    Yellen cited the manufacturing of electric vehicles and their batteries as well as solar energy equipment — sectors that the U.S. administration is trying to promote domestically — as areas where Chinese government subsidies have driven rapid expansion of production.

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