Yellen warns China's surplus of solar panels, EVs could be dumped on global markets
Treasury Secretary Janet Yellen on Wednesday warned that China is treating the global economy as a dumping ground for its cheaper clean energy products.
Treasury Secretary Janet Yellen on Wednesday warned that China is treating the global economy as a dumping ground for its cheaper clean energy products, depressing market prices and squeezing green manufacturing in the U.S.
“I am concerned about global spillovers from the excess capacity that we are seeing in China,” Yellen said during a speech at a Georgia solar company called Suniva. “China’s overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world.”
China has a surplus of solar power, electric vehicles and lithium-ion batteries that it can ship out to other countries at cheaper prices. That makes it difficult for the more adolescent green manufacturing industries of the U.S. and elsewhere to compete.
Yellen said she intends to put pressure on Chinese officials about these trade practices during her upcoming visit to China.
“I plan to make it a key issue in discussions during my next trip there,” she said. “I will press my Chinese counterparts to take necessary steps to address this issue.”
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