US urges EU to address Chinese shipments
Date
5/26/2024 4:03:45 AM
(MENAFN) During a recent visit to Frankfurt, United States Treasury Secretary Janet Yellen urged European Union leaders to take action against what she described as the detrimental effects of China's aggressive export practices, particularly in the realm of green technology. Yellen's call for European Union intervention underscores growing concerns in the United States over China's purported excess production capacity, which is believed to pose significant challenges to both American and European businesses.
Speaking at the Frankfurt School of Finance and Management, Yellen emphasized the importance of a coordinated response from the European Union and the United States to address China's industrial policies. She warned that failure to do so could jeopardize the viability of businesses not only in both countries but also worldwide.
Yellen's proposal includes imposing 100 percent tariffs on certain Chinese exports, a move that has sparked debate among economists due to its potential to escalate trade tensions and trigger broader trade conflicts. This suggestion aligns with recent actions taken by the Biden administration, including quadrupling import duties on Chinese electric vehicles and doubling semiconductor duties.
Highlighting the need for a unified approach, Yellen urged European Union leaders to join forces in conveying a strong message to China. Her remarks come on the heels of the Biden administration's decision to increase tariffs on a range of Chinese goods, including electric vehicles, batteries, semiconductors, and medical products, while maintaining tariffs imposed by the previous administration.
Yellen's appeal to the European Union underscores the growing importance of international cooperation in addressing trade imbalances and unfair trade practices. As tensions between the United States and China continue to escalate, the role of global alliances in shaping trade policy and promoting economic stability becomes increasingly critical.
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