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US pushes for G7 response to China`s industrial overcapacity

2024-05-22
FRANKFURT: US Treasury Secretary Janet Yellen said on Tuesday that the United States andEuropeneededtorespondto China`s industrial overcapacity in a `strategic and united way` to keep manufacturers viable on both sides of the Atlantic.

Yellen told reporters during a visit to Frankfurt that G7 financeministers shared US concerns about Chinese efforts to dominate clean energy industries, but did not need `detailed coordination` on trade actions following the imposition of steep US tariffs on Chinese goods.

`But I do think that the concerns about China`s strategy are shared and all I`m suggesting isthat given that many countries share this concern, it`s more forceful to communicate to China as a group,` Yellen said.

InremarksontheUS-European alliance in Frankfurt, Yellen said China`s excess industrial capacity threatened both American and European firms as well as the industrial develop-ment of emerging market countries.

`China`s industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at rislc,` she said.-Reuters