-- US Treasury Secretary Janet Yellen’s mission to address the threat of cheap China exports is set to increase pressure on the nation’s makers of solar panels, electric cars and batteries.S&P 500 Falls 1% as Oil Jump Spurs Flight to Bonds: Markets WrapAlready, major producers like Longi Green Energy Technology Co. and BYD Co. have underperformed the broader MSCI China Index this year as they struggle with domestic price competition or overcapacity.
Exports to North America more than tripled to 7,687 in the first two months of the year, according to Chinese customs data compiled by Bloomberg. Still, that’s just a fraction of the almost 250,000 vehicles shipped globally. The Biden administration has offered tax credits for US-made EVs. China’s Contemporary Amperex Technology Co., the world’s largest battery maker that supplies to almost every major automaker, has seen its shares climb 21% this year, handily beating benchmark Chinese indexes.
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