US to take up the matter with China
BBN Desk
The US is worried over the China’s excess capacity in clean energy products. It fears that China will dump the products in the US and elsewhere depressing market price and squeezing green manufacturing in the US.
During a speech at a Georgia solar company called Suniva, US Treasury Secretary Janet Yellen said: I am concerned about global spillovers from the excess capacity that we are seeing in China. Its overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world.
Yellen said that China has surplus of solar power, electric vehicles, and lithium-ion batteries it can export them to other countries at lower prices. The expected move by China would adversely affect the future of recently entered green manufacturing companies in the US and elsewhere.
During her upcoming visit to China she would take up the issue with the Chines officials, Yellen disclosed.
“I plan to make it a key issue in discussions during my next trip there,’’ she said adding “ I will press my Chinese counterparts to take necessary steps to address the issue.
The secretary’s concerns come as the White House tries to build a burgeoning clean energy industry domestically with investments from the 2022 inflation Reduction Act, along with other legislation like the CHIPS and Science Act.
