Janet Yellen on Tuesday called on the European Union to urgently intervene to curb growing exports of cheap Chinese technologies, including solar panels and wind turbines. “This is pushing European leaders into a full-scale trade war,” says the British daily.
The US encourages the European Union. It’s about tariffs on China
Janet Yellen also appealed to the directors of German banks to increase their efforts to comply with Western sanctions imposed on Russia. She warned them that they could face potential penalties if they tried to circumvent the restrictions.
On the same day, European Commission President Ursula von der Leyen gave a strong signal that the European Union may join the US and impose tariffs on Chinese electric vehicles. The Commission suspects that the Chinese authorities are illegally subsidizing electricity. The investigation into this matter is expected to be completed soon.
US Treasury Secretary Janet Yellen said that the United States and Western countries should respond in a uniform way. In her opinion, China’s growing production poses a threat to industry in all Western markets.
The US has imposed high tariffs on Chinese electric cars
In mid-May, the US imposed an additional 25 percent. tariffs on steel, aluminum and electric batteries produced in China, 50 percent for semiconductors and solar panels and 100 percent for electric vehicles. “China’s industrial policy may seem distant, but unless we respond strategically and in a unified manner, the viability of businesses both in our countries and around the world could be at risk,” Yellen warned.
Source: Gazeta
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