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Treasury secretary nominee Yellen says Biden to move against China
来源：Shipping News Headlines 编辑：编辑部 发布：2021/02/01 10:06:05
CHINA is undercutting American companies by dumping products, erecting trade barriers and giving illegal subsidies to corporations, said US Treasury Secretary nominee Janet Yellen during her confirmation hearing, reported New Delhi's Livemint.
Responding to questions from the Senate Finance Committee at her confirmation hearing, Ms Yellen, former chairwoman of the Federal Reserve, said China has been "undercutting American companies" with a series of policies, including illegal subsidies, dumping of products, theft of intellectual property and barriers to US goods.
"We need to take on China's abusive unfair and illegal practices," she said, adding "we're prepared to use the full array of tools" to address those issues.
The litany of complaints echoes the central focus of outgoing President Donald Trump's all-out offensive against China, including a costly trade war that imposed billions in punitive tariffs.
However, while Ms Yellen agreed that "China is clearly, our most important strategic competitor," unlike Trump, she stressed that it will be important "to work with our allies" to combat the challenge.
Mr Trump, like other administrations before him, also accused Beijing of keeping its currency artificially low as a way to make its products cheaper and gain a trade advantage, and Yellen repeated the opposition to that practice.
Ms Yellen pledged that the value of the US dollar "should be determined by markets" and "if confirmed, I will work to implement the president-elect's promise to oppose any and all attempts by foreign countries to artificially manipulate currency values to gain an unfair advantage in trade."
She also told senators that global digital tax negotiations under the auspices of the Organisation for Economic Cooperation and Development (OECD) are important for the United States to collect taxes from corporations that have moved their headquarters overseas.
"It would enable us to collect a fair share from corporations, while maintaining the competitiveness of our businesses and diminish the incentives that American companies now have to offshore activities," she said.
Ms Yellen encountered Republican resistance to President-elect Joe Biden's $1.9 trillion Covid-19 relief plan in her confirmation hearing to become Treasury Secretary, as she sought backing for what she described as vital support for the economy.
"It would be a false economy to stint" on Covid-19 relief, she told the Senate Finance Committee. She highlighted that, with government bond yields historically low, US debt-interest payments as a share of the economy are lower today than before the 2008 financial crisis.
Responding to questions from the Senate Finance Committee at her confirmation hearing, Ms Yellen, former chairwoman of the Federal Reserve, said China has been "undercutting American companies" with a series of policies, including illegal subsidies, dumping of products, theft of intellectual property and barriers to US goods.
"We need to take on China's abusive unfair and illegal practices," she said, adding "we're prepared to use the full array of tools" to address those issues.
The litany of complaints echoes the central focus of outgoing President Donald Trump's all-out offensive against China, including a costly trade war that imposed billions in punitive tariffs.
However, while Ms Yellen agreed that "China is clearly, our most important strategic competitor," unlike Trump, she stressed that it will be important "to work with our allies" to combat the challenge.
Mr Trump, like other administrations before him, also accused Beijing of keeping its currency artificially low as a way to make its products cheaper and gain a trade advantage, and Yellen repeated the opposition to that practice.
Ms Yellen pledged that the value of the US dollar "should be determined by markets" and "if confirmed, I will work to implement the president-elect's promise to oppose any and all attempts by foreign countries to artificially manipulate currency values to gain an unfair advantage in trade."
She also told senators that global digital tax negotiations under the auspices of the Organisation for Economic Cooperation and Development (OECD) are important for the United States to collect taxes from corporations that have moved their headquarters overseas.
"It would enable us to collect a fair share from corporations, while maintaining the competitiveness of our businesses and diminish the incentives that American companies now have to offshore activities," she said.
Ms Yellen encountered Republican resistance to President-elect Joe Biden's $1.9 trillion Covid-19 relief plan in her confirmation hearing to become Treasury Secretary, as she sought backing for what she described as vital support for the economy.
"It would be a false economy to stint" on Covid-19 relief, she told the Senate Finance Committee. She highlighted that, with government bond yields historically low, US debt-interest payments as a share of the economy are lower today than before the 2008 financial crisis.