In an interview with Bloomberg on Monday, Treasury Secretary Janet Yellen commented on reports that President Joe Biden will soon increase tariffs on China, saying that President Joe He said that this measure was being taken because he wanted to protect the country’s policies. Act” to support specific industries.
“The President believes it is critical that the United States has a role and presence in strategic industries such as semiconductors and clean energy that are fundamental to good jobs and national security for decades to come,” Yellen said. “There is,” he said. He, like me, believes that complete dependence on China in these areas is unacceptable. And he wants to make sure that China is not really playing by the rules in the sense that it has huge subsidies in key areas of advanced manufacturing. [that have] There has been excess production capacity as a result, and he wants to ensure that the stimulus provided through the Suppression of Inflation Act is provided to support these industries. These industries are creating good manufacturing jobs in areas of the country that have traditionally been overlooked or suffering from lower demand. The president wants to make sure these investments are protected. And I don’t want to get ahead of the Section 301 review on tariffs, but this is a promise that President Biden has made. And I agree with that too. I was in China just a few weeks ago and made it clear that we will not allow China’s overcapacity to damage our emerging industry. ”
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