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Yellen Advocates Unified US-European Strategy to Counter China’s Industrial Overcapacity

U.S. Treasury Secretary Janet Yellen emphasized the need for a joint U.S.-European response to China’s industrial overcapacity, which threatens manufacturers and industrial development globally. Speaking in Frankfurt, Yellen highlighted the risks posed by China’s excess capacity to American, European, and emerging market firms.

She supported the recent U.S. tariffs on Chinese strategic industries and called for similar European actions. Additionally, Yellen urged a united front against Russian aggression and proposed leveraging $300 billion in frozen Russian assets to support Ukraine. This strategy will be a focal point at the upcoming G7 finance leaders’ meeting in Italy.