Janet Yellen has urged the EU to join US efforts in clamping down on Beijing’s green-tech exports, warning that a glut of cheap Chinese goods could threaten the survival of factories across the world.
The US and its western allies must react “in a united way” to China’s growing manufacturing power or put their own industries at risk, the Treasury secretary said in a speech in Germany on Tuesday.
Yellen also rejected criticism from European allies that the US’s own sweeping tax breaks and subsidies for green manufacturing represented “a turn towards American protectionism”.
She said the tariff increases, which included a quadrupling of the rate on Chinese electric vehicles to 100 per cent, were “strategic and targeted steps”.
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