Years after China’s entry into the World Trade Organization, Treasury Secretary Janet Yellen expressed concerns about the impact of cheap Chinese products flooding global markets. She highlighted the loss of about 2 million American jobs due to the influx of low-priced goods from China, leading to significant challenges in various industries across the United States.
During her recent visit to China, Yellen emphasized the need to address Beijing’s aggressive production in sectors like green energy, including electric vehicles, batteries, and solar panels. She raised issues about China’s macroeconomic imbalances, such as weak household consumption and excessive government support for specific industries, which pose risks not only to American workers but also to businesses worldwide.
Yellen underscored the importance of initiating new dialogues with China to address these concerns and push for a shift in Beijing’s economic policies. Despite Beijing’s reluctance to change its strategy, Yellen reiterated that the Biden administration would continue to advocate for fair trade practices and protection of American industries.
The article also touched upon the growing tensions between China and its trade partners, particularly the European Union and the United States, over issues related to overcapacity and state subsidies. Yellen refrained from specifying potential measures the Biden administration might take if China fails to address these concerns but emphasized the administration’s commitment to holding China accountable for its trade practices.
Overall, the article highlighted the challenges posed by China’s economic policies and the need for collaborative efforts to ensure fair competition and protect the interests of American workers and businesses. Please rewrite this sentence.
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