U.S. Treasury Secretary Janet Yellen urged the European Union to block below-market priced technology from China including solar panels and wind turbines.
She made the comments as she was awarded an honorary doctorate at the Frankfurt School in Germany.
Yellen warned that cheap Chinese exports represent a grave threat to the global economy.
She noted that China has grown from representing 3% of the global economy to 20%.
The Treasury Secretary says that China's over-saturation of cheap goods not only hurts the U.S. and Europe but could stop emerging countries from being able to develop their own manufacturing economy.
"The viability of businesses around the world could be at risk," Yellen said.
She also warned that critical mineral supply chains are "over-concentrated in China."
TUNE IN as I deliver remarks at the @FrankfurtSchool on the importance of the transatlantic alliance for people in the U.S., Europe, and around the world. https://t.co/MAd1Tcbr8m
— Secretary Janet Yellen (@SecYellen) May 21, 2024
Her comments came hours after European Commission President Ursula von der Leven indicated the EU is considering joining the US to impose tariffs on Chinese electric vehicles, the Guardian reports.
She noted the importance of the transatlantic alliance for the people of the U.S. and Europe, especially after Russia invaded Ukraine.
