During a speech at a solar company in Georgia, U.S. Treasury Secretary Janet Yellen expressed concerns about China’s surplus of green technology exports potentially harming American manufacturers of similar items. Yellen highlighted the negative impact of China’s overcapacity on global prices and production patterns, leading to unfair competition for American firms and workers. The surplus of solar power, electric vehicles, and lithium-ion batteries from China allows them to undercut prices and dominate the market, posing a significant challenge for newer green technology manufacturers in the U.S.
Yellen plans to address this issue directly during her upcoming visit to China in April, where she intends to press Chinese officials to take necessary steps to address the overcapacity problem. She emphasized the importance of ensuring a level playing field for American firms and workers to compete effectively in the global market. Yellen stated that discussions about overcapacity with China have taken place previously, and she intends to make it a key issue during her next trip to China.
Overall, Yellen’s remarks underscore the urgency of addressing China’s surplus of green technology exports and its detrimental effects on American manufacturers. By advocating for fair trade practices and competition, Yellen aims to protect the interests of American firms and workers in the green technology sector.