Treasury Secretary Janet Yellen has raised concerns about China's increased production in solar energy, electric vehicles, and lithium-ion batteries, labeling it as unfair competition that distorts global prices and negatively impacts American firms and workers. Yellen plans to address these issues during her upcoming trip to China, emphasizing the risks posed to productivity and growth in the Chinese economy.
China's dominance in electric vehicle batteries and its rapidly expanding auto industry, which accounted for around 60% of global electric car sales in 2023, have drawn attention from international organizations and governments. Yellen's remarks come as the U.S. government aims to revive the domestic green energy manufacturing sector, exemplified by the reopening of a solar cell manufacturing facility in Georgia.
