US Treasury Secretary Janet Yellen criticizes China's product glut. China is flooding the global market with electric vehicles, batteries, solar cells, semiconductors and other industrial goods.
World market prices for many goods have fallen due to the flood of products from China. Yellen's warnings could be a first step by the Biden administration toward new tariffs or other trade barriers on Chinese electric cars, batteries and other goods. The consequence could be trade restrictions by other countries, said a high-ranking US Treasury Department official.