WionDrive News Desk 
Suggesting a united approach to address the issue which appears to be a newfound concern for the administration, US Treasury Secretary Janet Yellen emphasised that manufacturers in the US and Europe must work together.
Regarding views of the G7 finance ministers concerning China’s attempts to seize control over essential industries related to clean energy, Yellen underlined that during the visit to Frankfurt she discussed this with the other ministers. Recalling earlier high tariffs set by the USA to Chinese items imported into its territory, Yellen said there may be no need for collaboration on trade measures. However, she pointed out that it is acceptable to understand that there is strength in unity and it is important to amplify their voices and force the Chinese to listen to us.
Discussing the consequences of more than necessary industrial advancement in China, Yellen observed that such harmonisation is dangerous not only for American or European industries as well as for further industrialisation of emerging market countries. Regarding this, she pointed out that inactivity on this aspect and on an organised and coordinated manner is costly to the sustainability of enterprises worldwide.
Firstly, last week, the Biden administration published high tariffs on a variety of China-connected goods including electric cars and panels, semiconductor, and strategic industries like steel. As she noted during her visit to Guangzhou and Beijing in April, responding to Yellen’s message to the US meant that the country would not allow overly expansionary Chinese production.
Currently, China dominates the production of many sectors by far surpassing the global demand and that is why it hinders the growth of clean energy industries across the world. To give some meat on those bones, she tried to help the United States believe that the Biden administration will ensure American workers and businesses do not face unfair competition from China.
Specifically, Yellen said that this industrial capacity is going to be one of the main topics of the future meetings of the G7 finance: it is planned to hold the meeting in Stresa, Italy. Emphasizing on the development of new sectors of green technology throughout the world, she pointed out that China needs to shift for innovation and eco-friendly manufacturing all across the globe including United States, European Union and other parts of the world.
