Yellen says 'tough conversations' needed on China's overproduction
foxbusiness.comHudson Institute senior fellow Rebeccah Heinrichs weighs in on Secretary Yellen’s controversial trip to China during an appearance on ‘Varney & Co.’
Treasury Secretary Janet Yellen said Sunday during her trip to Beijing that the U.S. and China have a «duty» to manage the complex relationship between the countries responsibly and raised concerns about the impact of Chinese firms' overproduction in several key industries.
Yellen met with Chinese Premier Li Qiang, the number two official in the Chinese Communist Party (CCP) behind General Secretary Xi Jinping, for 80 minutes in Beijing on Sunday and Li said the U.S. and China should be partners rather than adversaries and touted the «constructive progress» made during her trip. Yellen's trip to China is her second in the last nine months.
«While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing,» Yellen said. «This has not meant ignoring our differences or avoiding tough conversations. It has meant understanding that we can only make progress if we directly and openly communicate with one another.»
Among the issues that Yellen said the two countries need to have «tough» conversations about are China's overproduction of electric vehicles (EVS), solar panels and other clean energy components – which Yellen said have hurt producers and jobs in the U.S. and in other countries.
YELLEN VISITING CHINA TO COMBAT CLIMATE CHANGE, PROTECT INTERESTS OF AMERICAN WORKERS
Treasury Secretary Janet Yellen (L) shakes hands with Chinese Premier Li Qiang at the Great Hall of the People in Beijing on April 7, 2024. (Photo by TATAN SYUFLANA/POOL/AFP via Getty Images / Getty Images)
China's subsidies for electric vehicles have
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