Yellen Asserts US Stance Against Chinese Imports Threatening Industries

US Treasury Secretary Janet Yellen warned China against decimating new industries with excessive industrial capacity and state support for green energy goods, emphasizing that President Biden will not accept a repeat of the "China shock" of the early 2000s. Yellen highlighted the need for China to address overinvestment and excess capacity, while also urging a shift in its growth model away from supply-side investments. Despite not threatening new tariffs, Yellen emphasized the shared concerns of the US and its allies over China's industrial overcapacity, while Chinese officials pushed back, citing innovation and global climate goals.