The United States wants to persuade China to dial back its green energy industrial strategy as the Biden administration subsidizes its own supply chain.
Following months of work to reopen communication with China, Ms. Yellen lodged a direct complaint: Cheap Chinese exports of green energy technology are threatening the electric vehicle and solar sectors that the United States has been trying to develop, and the Biden administration is prepared to protect them.
During a separate meeting on Friday with the governor of Guangdong Province, Wang Weizhong, Ms. Yellen recalled that Guangzhou was historically a hub for Chinese trade and a place that was at the center of 1970s-era market-oriented reforms that opened China’s economy and supercharged its growth.
“Building a healthy economic relationship requires a level playing field for American workers and firms, as well as open and direct communication on areas where we disagree,” Ms. Yellen said.
They fear that these spillovers will hurt businesses that are planning investments in the United States with tax credits and subsidies that were created through the Inflation Reduction Act of 2022, a law that is pumping more than $2 trillion into clean energy infrastructure.
A report last month published by the Rhodium Group, a research firm, recalled that a Chinese stimulus program initiated after the 2008 financial crisis focusing on infrastructure and property construction led to a global glut of steel and aluminum products after demand for real estate weakened.
The heightened focus from the United States on Chinese exports coincides with the approaching U.S. presidential election in November and concerns that Beijing’s policies could threaten American jobs and union workers.
The original article contains 1,425 words, the summary contains 245 words. Saved 83%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Following months of work to reopen communication with China, Ms. Yellen lodged a direct complaint: Cheap Chinese exports of green energy technology are threatening the electric vehicle and solar sectors that the United States has been trying to develop, and the Biden administration is prepared to protect them.
During a separate meeting on Friday with the governor of Guangdong Province, Wang Weizhong, Ms. Yellen recalled that Guangzhou was historically a hub for Chinese trade and a place that was at the center of 1970s-era market-oriented reforms that opened China’s economy and supercharged its growth.
“Building a healthy economic relationship requires a level playing field for American workers and firms, as well as open and direct communication on areas where we disagree,” Ms. Yellen said.
They fear that these spillovers will hurt businesses that are planning investments in the United States with tax credits and subsidies that were created through the Inflation Reduction Act of 2022, a law that is pumping more than $2 trillion into clean energy infrastructure.
A report last month published by the Rhodium Group, a research firm, recalled that a Chinese stimulus program initiated after the 2008 financial crisis focusing on infrastructure and property construction led to a global glut of steel and aluminum products after demand for real estate weakened.
The heightened focus from the United States on Chinese exports coincides with the approaching U.S. presidential election in November and concerns that Beijing’s policies could threaten American jobs and union workers.
The original article contains 1,425 words, the summary contains 245 words. Saved 83%. I’m a bot and I’m open source!