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Yellen Vows to Curb China’s Economic Abuse by Deploying ‘Full Array of Tools’

Economy fight China Janet Yellen Politics US US News

Yellen Vows to Curb China’s Economic Abuse by Deploying ‘Full Array of Tools’

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Janet Yellen, President Joe Biden’s pick for Treasury secretary, said Tuesday that the Biden administration will use all available tools to fight “China’s abusive unfair and illegal practices” that undercut America’s economy. Yellen, a former chair of Federal Reserve, made the remarks during her Tuesday confirmation hearing before the Senate Finance Committee, at which she called China “our most important strategic competitor.” She said China has been “undercutting American companies” with a raft of mercantilist policies, including illegally subsidizing domestic companies, dumping cheap products into foreign markets, stealing intellectual property, and putting up barriers to U.S. goods. “We’re prepared to use the full array of tools” to address those issues, Yellen said, although she did not specify what actions the Biden administration would take to combat China’s economically hostile policies. Former President Donald Trump took China to task for its mercantilist posture, imposing unilateral tariffs on $370 billion worth of Chinese goods, citing as …

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