Will China Retaliate? Yellen Raises Concerns Over Upcoming Biden Tariffs

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Yellen Hints at China’s Likely Response to Potential US Tariffs

Treasury Secretary Janet Yellen speaking at a meeting in Washington, DC

Beijing May Retaliate against US Tariff Actions, Warns Yellen

LA News Center recently sat down with US Treasury Secretary Janet Yellen, who shared her insights on the potential consequences of the Biden administration’s expected tariff announcements. Secretary Yellen cautiously acknowledged that China may not stand idly by in the face of such measures.

“President Biden is determined to address our concerns through targeted actions, as opposed to a blanket approach,” she explained. “We’re hopeful that China will not respond aggressively. However, that possibility cannot be ruled out.”

Retaliatory Tariffs on the Horizon

The LA News Center understands that President Biden is scheduled to unveil new tariffs on Tuesday, likely targeting electric vehicles, semiconductors, solar equipment, and medical supplies. These tariffs represent the Biden administration’s attempt to address trade imbalances and enforce fair practices.

US-China Economic Interdependence

Despite the concerns surrounding potential retaliation from China, Yellen emphasized the importance of maintaining economic ties. “We’re not seeking a trade war,” she stated. “We recognize the mutual benefits of economic engagement, but it must be conducted on a level playing field.”

  • China’s massive subsidies distort competition.
  • The United States seeks a more equitable trading relationship.

Mitigating the Impact of Tariffs

To mitigate the potential impact of the new tariffs, Yellen indicated that the Biden administration is exploring various strategies.

  1. Identifying and addressing specific concerns with China.
  2. Working with allies to coordinate a unified response.
  3. Providing support to businesses and industries affected by the tariffs.

The LA News Center will continue to monitor developments on this issue and provide comprehensive coverage as the situation unfolds.