U.S. Treasury Secretary Janet Yellen has warned that China's surplus of green technology exports could hurt American manufacturers of the same items.
According to CNBC, Yellen expressed concerns during a March 27 speech at a Georgia solar company over "global spillovers from the excess capacity that we are seeing in China."
"China's overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world," she said.
China's surplus of solar power, electric vehicles, and lithium-ion batteries allows them to ship those products to other countries at lower rates, quashing competition from newer green manufacturers in the U.S. Yellen plans to bring this up during an upcoming visit to China in April, in a bid to press her counterparts there "to take necessary steps to address this issue."
“It is important to the president and me that American firms and workers can compete on a level playing field,” Yellen said. “We have raised overcapacity in previous discussions with China, and I plan to make it a key issue in discussions during my next trip there.”
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