U.S. Treasury Secretary Janet Yellen concluded four days of meetings in Beijing on Monday by declaring that the Biden administration would “not accept” the People’s Republic of China (PRC) destroying American industries with a flood of cheap exported goods. She was rather vague about exactly how the administration would stop it.
“We’ve seen this story before. Over a decade ago, massive PRC government support led to below-cost Chinese steel that flooded the global market and decimated industries across the world and in the United States,” Yellen said at a press conference as she prepared to leave Beijing.
“When the global market is flooded by artificially cheap Chinese products, the viability of American and other foreign firms is put into question,” she explained.
“I’ve made it clear that President Biden and I will not accept that reality again,” she…
