U.S. Treasury Secretary Janet Yellen has called on the European Union to collaborate with the United States in addressing the surge of Chinese green-tech exports, warning that the influx threatens global manufacturing sectors.

Last week, the US administration announced tariffs of 25 percent on steel and aluminum, 50 percent on semiconductors, 100 percent on electric vehicles, and 50 percent on solar panels.

Speaking in Germany this Tuesday, Yellen emphasized the need for a united response to China’s manufacturing dominance to protect industries worldwide, as initially reported by FT.

“China’s industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk,” Yellen told FT at the Frankfurt School.

In a speech on Tuesday, Yellen defended the Biden administration’s tariff hikes including a 400 percent increase on China electric vehicles. “The tariff increases are strategic and targeted steps,” she stated. This follows the White House’s tariff adjustments aimed at safeguarding U.S. industry, especially in key electoral states.

In a post on the social media platform X, Joe Biden said that “China is determined to dominate these industries” while enhancing that he is “determined to ensure America leads the world in them”.

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[–] Rod_Blagojevic@hexbear.net 29 points 5 months ago* (last edited 5 months ago)

It appears to me that capitalists are interested in using productive forces as a means to produce profit and not as a means to satisfy a social need.

ritzy-marx