As the G7 meetings in Italy approach, US Treasury chief Janet Yellen emphasized the importance of addressing China’s excess industrial capacity, which poses a threat to American and European firms. Yellen expressed concerns about China’s industrial policy leading to overproduction, cheap exports, and stifled growth in global markets.
Yellen, along with US President Joe Biden, pledged to protect workers and companies from unfair Chinese economic competition. They seek to promote green technology sectors globally, not just in China, through innovative start-ups and green manufacturing facilities.
The Biden administration recently imposed tariffs on various Chinese products, sparking tensions with Beijing. Yellen also called for unity against Russian aggression and Iranian support for terrorism, urging for a solution to release frozen Russian assets to benefit Ukraine.
The upcoming G7 meetings will focus on these critical issues, highlighting the need for strategic responses to global economic challenges.