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China warning for steel industry from US Treasury Secretary Yellen

US Treasury Secretary Janet Yellen, who recently visited China for trade-related issues, gave a serious warning about the potentially harmful impact of cheap imports from China on American industry.

China warning for steel industry from US Treasury Secretary Yellen

Following intensive talks in Beijing, Yellen emphasised growing concerns over China's significant government support for sectors such as electric vehicles, batteries and solar products.

During the talks, Yellen emphasised the need to prevent a repeat of the economic downturn in the US steel industry a decade ago, which she attributed to the influx of Chinese goods and cheap government subsidised products flooding global markets. Yellen emphasised that the administration is committed to protecting American industry from unfair competition and securing competitive advantages in the global market.

Expressing concern about China's extensive government support, especially in critical sectors, Yellen aimed to address the imbalance in trade relations and promote fair competition. The Secretary's plea highlighted the Biden administration's proactive approach to protecting American businesses and ensuring a fair playing field in international trade.

As the dialogue between the two economic powers continues, the talks serve as a critical platform to address systemic challenges and develop constructive cooperation on trade issues. Yellen's stance signals a determined effort to address key concerns about China's imports and thus advance the interests of American industry in the global market.


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