The Treasury secretary, who plans to make her second trip to China soon, will argue that the country’s excess industrial production warps supply chains.
The Biden administration is growing increasingly concerned that a glut of heavily subsidized green technology exports from China is distorting global markets and plans to confront Chinese officials about the problem during an upcoming round of economic talks in Beijing.
The tension over industrial policy is flaring as the United States invests heavily in production of solar technology and electric vehicle batteries with funding from the Inflation Reduction Act of 2022, while China pumps money into its factory sector to help stimulate its sluggish economy.
President Biden and Xi Jinping, China’s leader, have sought to stabilize the relationship between the world’s two largest economies, but differences over trade policy, investment restrictions and cyberespionage continue to strain ties.
In her speech in Georgia, Ms. Yellen will compare China’s investments in green energy technology production to what she described as its previous overinvestment in steel and aluminum, saying it created “global spillovers.”
The solar panel company closed its Norcross plant in 2017 in part because cheap imports were flooding the U.S. market; it plans to reopen the factory this spring thanks to the Biden administration’s green energy investments.
China filed a complaint Tuesday with the World Trade Organization arguing that the Biden administration’s electric vehicle subsidy policies are discriminatory.
The original article contains 649 words, the summary contains 207 words. Saved 68%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The Biden administration is growing increasingly concerned that a glut of heavily subsidized green technology exports from China is distorting global markets and plans to confront Chinese officials about the problem during an upcoming round of economic talks in Beijing.
The tension over industrial policy is flaring as the United States invests heavily in production of solar technology and electric vehicle batteries with funding from the Inflation Reduction Act of 2022, while China pumps money into its factory sector to help stimulate its sluggish economy.
President Biden and Xi Jinping, China’s leader, have sought to stabilize the relationship between the world’s two largest economies, but differences over trade policy, investment restrictions and cyberespionage continue to strain ties.
In her speech in Georgia, Ms. Yellen will compare China’s investments in green energy technology production to what she described as its previous overinvestment in steel and aluminum, saying it created “global spillovers.”
The solar panel company closed its Norcross plant in 2017 in part because cheap imports were flooding the U.S. market; it plans to reopen the factory this spring thanks to the Biden administration’s green energy investments.
China filed a complaint Tuesday with the World Trade Organization arguing that the Biden administration’s electric vehicle subsidy policies are discriminatory.
The original article contains 649 words, the summary contains 207 words. Saved 68%. I’m a bot and I’m open source!