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Yellen says China's rapid buildout of its green energy industry 'distorts global prices'

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U.S. Secretary of the Treasury Janet Yellen on Wednesday called China's production in electric vehicles, lithium ion batteries and solar energy 'unfair competition.'

WASHINGTON — Treasury Secretary Janet Yellen called out China's ramped-up production in solar energy, electric vehicles and lithium-ion batteries, calling it unfair competition that 'distorts global prices' and 'hurts American firms and workers, as well as firms and workers around the world.

The tone of Yellen's speech stands in contrast to Chinese leader Xi Jinping, who met with American business leaders in Beijing Wednesday and called for closer trade ties with the U.S. amid a steady improvement in relations that had sunk to the lowest level in years. Xi emphasized Wednesday the mutually beneficial economic ties between the world’s two largest economies, despite heavy U.S.

 

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Yellen says China's rapid buildout of its green energy industry 'distorts global prices'Treasury Secretary Janet Yellen is calling out China’s excess production in green energy, calling it unfair competition that “distorts global prices” and hurts companies and workers around the world. Yellen is planning her second trip to China as Treasury secretary.
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