"Yellen's Response to China's Overcapacity and Trade Fight"

Treasury Secretary Janet Yellen stated that the US is open to considering additional tariffs as a response to China's overcapacity in manufacturing, particularly in areas where there is a flood of cheap goods into the US market. Yellen expressed concerns about surges in Chinese exports affecting not only the US but also other countries, and she emphasized the need to manage the US-China relationship responsibly. The Biden administration has tightened measures to deny China advanced technology and is exploring tariff increases on Chinese electric vehicles, while also defending efforts to boost domestic manufacturing. Yellen warned China against supporting Russia in its war on Ukraine and stated that there will be consequences for Chinese banks or firms aiding Russia in violation of US sanctions.