Secretary of the Treasury Janet L. Yellen issued a statement following the conclusion of the Section 301 review. She emphasized that President Biden and she have consistently pledged to take necessary actions to further the interests of American workers and firms. The results of the Section 301 review, announced today, outline strategic steps required to address specific long-standing unfair trade practices by the People’s Republic of China.
Yellen recalled her recent trip to Beijing where she expressed concerns about Chinese industrial overcapacity to economic policymakers at the highest levels of the PRC government. She stressed that President Biden and she have witnessed firsthand the impacts of surges in certain artificially cheap Chinese imports on American communities in the past, a situation they will not tolerate again.
The Secretary noted that these overcapacity concerns are widely shared by partners across advanced economies and emerging markets. These sentiments are not motivated by anti-China policy but by a desire to prevent damaging economic dislocation from unfair economic practices.
She acknowledged that these problems have built up over time and will not be solved in a day. However, Yellen assured that her team would continue to directly address with PRC counterparts their broad concerns with the PRC’s long-standing macroeconomic imbalances and industrial policy, along with its resulting spillovers on the U.S. and global economy.
In closing, Yellen expressed her anticipation for continuing to advance American interests and lead the Administration’s responsible management of the U.S.-China economic relationship.
