Treasury Secretary Janet Yellen speaks to the Economic Club of New York luncheon, in New York, Thursday, June 13, 2024. Yellen said the U.S. ought to respond"when foreign subsidies threaten the viability of domestic firms" in strategic sectors like green energy. says Chinese “overconcentrated supply chains” pose a threat to U.S. jobs and recent investments meant to build up the U.S.
In a prepared speech to Wall Street and business executives at the Economic Club of New York Thursday afternoon, Yellen promoted Biden administration policies designed to spur U.S. economic competitiveness.She said the U.S. ought to respond “when foreign subsidies threaten the viability of domestic firms" in strategic sectors like green energy.
During her Thursday speech, Yellen pointed to the share of Chinese manufacturing firms losing money, high savings rates in comparison to other OECD countries and restrictive investment policies, among other issues.and their batteries as well as solar energy equipment — sectors that the U.S. administration is trying to promote domestically — as areas where Chinese government subsidies have driven rapid expansion of production.
“President Biden and I reject the notion that “decoupling” would be in any way beneficial for the American economy,” she said. “At the same time, we can only realize the potential benefits of our economic relationship if there is a level playing field.”Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.