Yellen says China's rapid buildout of its green energy industry 'distorts global prices'

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Treasury Secretary Janet Yellen criticizes China's increased production in solar energy, electric vehicles, and lithium-ion batteries, calling it unfair competition that distorts global prices and hurts American firms and workers. Yellen plans to address this issue during her second trip to China as Treasury secretary. China dominates the global electric car sales market with around 60% of sales in 2023. Yellen's remarks were delivered at a solar cell manufacturing facility in Georgia that closed in 2017 due to cheap imports from China. China has filed a complaint with the World Trade Organization against the US over discriminatory requirements for electric vehicle subsidies. The European Union has also launched an investigation into Chinese subsidies for electric vehicles. Yellen's concerns about China's green energy industry are shared by government counterparts and the business community globally. Yellen's remarks contrast with Chinese leader Xi Jinping's call for closer trade ties with the US.

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https://www.yahoo.com/news/yellen-says-chinas-rapid-buildout-142137045.html