Yellen assessment of China tariffs
Yellen said that China’s reaction to the US’s expected tariff move is possible.
While the Biden administration was preparing to announce tariff increases against China, US Treasury Secretary Janet Yellen made a statement: “We hope there will be no retaliation from China.”
Speaking to Bloomberg TV, Yellen said that while she has not yet confirmed new tariffs on Chinese electric vehicles, batteries and solar panels, the measures “will be selective measures that will address her concerns.” “We hope we don’t see any serious Chinese retaliation,” Yellen said. But this is always a possibility,” he said. Yellen later told reporters: “We will make sure our counterparts are informed before any announcement is made. We’ll see what happens,” she said.
As the elections to be held in the USA in November approach, discussions about tariff increases against China are heating up. Finally, the US-based soy industry demanded increased tariffs on Chinese edible oils. The US-based National Oilseed Processors Association wants the tariff, currently at 15.5%, to be increased.