March 28, 2024
06:59
06:59
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Yellen warns China of EV dump
US Treasury Secretary Janet Yellen has warned that China is 'treating the global economy as a dumping ground for its cheaper clean energy products', keeping market prices lower. China has a surplus of solar power, electric vehicles and lithium-ion batteries it can ship out to other countries at cheaper prices, making it difficult for green manufacturing industries elsewhere to compete. Yellen is intent on putting pressure on Beijing during her upcoming visit to China, which has been pouring billions into clean energy for years and outpacing the rest of the world in the transition. Yellen thinks there's a lot to be gained from these investments, especially on the equity markets, and in a recent speech she doubled down on the 'electric vehicle boom'.
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