Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country
AEOI Chief Mohammad Eslami: We witnessed new, stricter stances from European countries since signing new agreement with IAEA
Saree: Our UAV force targeted the so-called Ramon Airport in the Umm al-Rashrash area in southern occupied Palestine
YAF spokesperson Brigadier General Yahya Saree: Our rocket force carried out an operation with a Palestine 2 hypersonic ballistic missile targeting a sensitive target in the occupied Yafa area
Trump administration clears first Ukraine arms aid package paid for by allies: Reuters, citing sources
Saudi Crown Prince Mohammad bin Salman receives Secretary of Iran's Supreme National Security Council Ali Larijani at his office in Al-Yamamah Palace
Wakim: Surrender is not in our dictionary, and it is not true that "Israel" can implement its project in Lebanon and the region

China's 'unfair trade practices' hamper Sino-US economic ties: Yellen

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Jun 2024 22:28
4 Min Read

Yellen claimed China stands out globally due to its exceptionally high saving rate, ranging from 45% to 50% of its gross domestic product over approximately two decades.

Listen
  • x
  • Treasury Secretary Janet Yellen speaks to the Economic Club of New York luncheon, in New York, Thursday, June 13, 2024. (AP)
    Treasury Secretary Janet Yellen speaks to the Economic Club of New York luncheon, in New York, Thursday, June 13, 2024. (AP)

At an event held in New York on Thursday, US Treasury Secretary Janet Yellen said that China's alleged "unfair trade practices" were impeding efforts to build solid Sino-US economic relationships.

In a speech delivered to the New York Economic Club, the treasury official said that China's practices — ranging from restrictive investment policies to alleged economic coercion — were breaching fair competition, warning, "If China continues on this path, I fear that its policies may interfere significantly with our efforts to build a healthy economic relationship."

Of particular concern were Beijing's "enduring macroeconomic imbalances," she said.

Yellen said that China stands out globally due to its exceptionally high saving rate, ranging from 45 to 50 percent of its gross domestic product over approximately two decades. This rate is double that of the average economy within the 38-member Organization for Economic Co-operation and Development (OECD), which comprises some of the world's most dynamic economies.

These elevated savings indicate a lack of adequate domestic consumption demand and pose the risk of expanding China's external surplus. This surplus is channeled into manufacturing, leading to overcapacity in specific industries with unusually high investment rates.

Read more: US to raise tariffs on $18 bn of China imports including chips

Yellen noted that this issue extends beyond China and has global implications, particularly affecting the US.

China's rapid growth cannot occur without causing displacement on a global scale, The secretary noted.

Related News

EU plans WTO alternative as Trump escalates tariffs: FT

India proposes first retaliation measures against Trump’s tariffs

Consequently, China cannot expect the US and other nations to absorb large quantities of excess production without adversely affecting domestic industries in those countries, Yelen said.

"This overcapacity threatens American firms and workers, along with those around the world. We saw in the past how overcapacity can decimate businesses here at home," the Treasury secretary said. "We are now seeing the risks of that happening again, in key industries that matter to our long-term growth, such as electric vehicles, lithium-ion batteries, and solar, but also across a range of manufacturing industries."

Yellen noted the difficulty in accurately quantifying the extent of China's subsidies and industrial policies due to an alleged lack of transparency. "But even conservative estimates suggest that they far exceed that of other countries, which is why we see economies ranging from advanced to emerging markets launch trade investigations," she said.

Yellen cautioned that China's overcapacity poses a risk of artificially concentrating US supply chains, which could lead to additional security and economic concerns. "I have heard these concerns from American and foreign businesses," she added.

Yellen affirmed her commitment to persistently addressing her concerns with Beijing's leadership, and outlined the US' strategy of "friendshoring," which involves strengthening connections with various trusted partners and allies for the purposes of diversifying supply chains and foster the long-term growth of the US private sector.

China files complaint at WTO

Earlier today, the Associated Press reported that China lodged a complaint with the World Trade Organization against the US over discriminatory requirements for electric vehicle subsidies.

The US implemented a new rule on January 1, which disqualifies electric car buyers from tax credits if critical minerals or battery components are sourced from Chinese, Russian, DPRK, or Iranian companies.

These tax credits are part of Joe Biden's climate legislation, known as the 2022 Inflation Reduction Act.

The Chinese Commerce Ministry criticized the US for formulating discriminatory subsidy policies under the act, which it claims exclude Chinese products, distort fair competition, and disrupt the global supply chain for new energy vehicles.

Read more: China warns of WTO lawsuit amid EU's electric car import restrictions

  • World Trade Organization
  • trade war
  • China
  • Janet Yellen

Most Read

Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS