Yellen Hopes China Doesn’t Mount ‘Significant’ Trade Retaliation

Treasury Secretary Janet Yellen said she hopes China won’t mount major retaliation against any steps Washington takes to safeguard investments in critical new industries, while emphasizing the US cannot allow these emerging sectors to be “wiped out” by Chinese competition.

Yellen on Monday declined to confirm that the Biden administration is poised to unveil new tariffs on Chinese goods including electric vehicles, batteries and solar cells, speaking in a Bloomberg Television interview. Any measures it does take “should be targeted to our concerns and not broad-based,” she said.