Janet Yellen says China's rapid green energy production is creating unfair competition that will hurt American workers and distort global prices
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Treasury Secretary Janet Yellen criticizes China's rapid production of green energy, including 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 upcoming trip to China and will urge Chinese counterparts to take necessary steps. China is the dominant player in batteries for electric vehicles and has a rapidly expanding auto industry. Yellen's remarks come as China files a World Trade Organization complaint against the US over discriminatory requirements for electric vehicle subsidies. Yellen warns that Chinese government support in industries like steel and aluminum has led to overinvestment and excess capacity, forcing industry in the rest of the world to contract. Yellen's criticism contrasts with Chinese leader Xi Jinping's call for closer trade ties with the US. Yellen's speech highlights concerns expressed by government counterparts and the global business community. The article also mentions the reopening of a solar cell manufacturing facility in Georgia due to incentives provided by the Democrats' Inflation Reduction Act.

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https://fortune.com/2024/03/27/janet-yellen-china-evs-distorts-global-prices-green-manufacturing/