OAN’s Stephanie Meyers
5:20pm – Tuesday, May 21, 2024
Treasury Secretary Janet Yellen stressed the need for the United States and Europe to respond to China’s industrial strategy to remain competitive.
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Yellen hosted a roundtable with financial executives at the Frankfurt School of Finance and Management on Tuesday. In it, she addressed global macroeconomic trends and financial sector risks.
She warned against competition with China. Yellen warned that businesses around the world could be at risk if countries do not respond to China’s industrial policies.
“And industrial overcapacity not only poses a threat to companies in the U.S. and Europe, it could also prevent countries around the world, including emerging markets, from building industries that could drive growth. Yes,” she said.
Yellen also praised the EU and other countries for their vigilance in investigating China’s actions and considering remedies.
She noted that the United States has already acted by raising tariffs or imposing new tariffs on some imports from China.
But the move drew backlash from economists concerned about the impact on inflation and from Republicans who say the Biden administration should have acted years ago.
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