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US will not accept Chinese imports destroy new industries -

US will not accept Chinese imports destroy new industries

Yellen is currently on a four-day business trip to present her case for countering the booming Chinese industry.

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US will not accept Chinese imports destroy new industries

WASHINGTON, 8 April: US Treasury Secretary Janet Yellen warned the Chinese government that the US will not allow new industries to be destroyed due to the growing influence of Chinese industry.

Yellen is currently on a four-day business trip to present her case for countering the booming Chinese industry.

Yellen told the media that US President Joe Biden would not allow a “China Shock” of the early 2000s, in which 2 million Americans lost their jobs due to Chinese imports.

On her second visit to Beijing, Yellen complained to China that American and other countries’ industries and firms are worried about the Chinese’s heavy investment in the industrial field.

She said that the new forum created in this regard will take time to reach a solution through negotiations. “We’ve seen it all before,” Yellen told reporters.

“Over a decade ago, massive PRC (People’s Republic of China) government support led to below-cost Chinese steel that flooded the global market and decimated industries across the world and in the United States.,” she said.

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