"China Involved in Unfair Practices Including Large-Scale Subsidies"
As the U.S. government is pushing to raise tariffs on Chinese-made electric vehicles, U.S. Treasury Secretary Janet Yellen indirectly confirmed this policy and predicted that China could take significant retaliatory measures.
On the 13th (local time), Secretary Yellen indicated in an interview with Bloomberg TV that "President Joe Biden believes that what we do should focus on areas of concern and should not be done broadly," suggesting that tariff hikes on specific Chinese products will be implemented.
Earlier, U.S. media reported that the Biden administration is expected to announce as early as the 14th a plan to raise tariffs on Chinese-made electric vehicles from the current 25% to 100%, a fourfold increase. Not only electric vehicles but also batteries, semiconductors, solar power equipment, and medical devices are reportedly subject to tariff increases.
Secretary Yellen said, "I hope we do not see significant responses from China, but that is always a possibility," anticipating retaliatory measures from China.
When asked if she wants a trade war with China, she replied, "We do not want to sever economic ties with China, but the playing field must be fair," adding, "China engages in unfair practices such as large-scale subsidies." She further stated regarding key sectors like electric vehicles, "The President believes it is unacceptable to be fully dependent on China."
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