Secretary Yellen on Inflation, China Tariffs, Trade

Treasury Secretary Janet Yellen says the US does not want to "disengage" from China economically, but she says Beijing engages in massive subsidies and “is really not playing by the rules." Yellen didn't confirm if the US poised to impose new tariffs on China. She also talks about how the Biden administration is trying to bring down inflation. She speaks exclusively to Bloomberg's Annmarie Hordern in Fredericksburg, Virginia.
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[jklee]

Just admit it. The US loves inflation and keeps accusing China for its overcapacity 😆

[alangivre]

How can you worry about inflation AND chinese cheap prices at the same time?

[matt]

Haha America is the laughing stock of the world.

[Takomenos]

Of course China can give subsidies to its people. All great nations do that.

[alinthemind]

China is expanding its capacity to serve Global South nations, prioritizing them over the protectionist United States. BYD's move to establish factories in Mexico, potentially hiring millions, emphasizes green modernization, economic growth, and advanced technology for Latin and South America. This renewable deployment cycle could help these nations to leapfrog the aging carbon-based infrastructure in the US.

[squid]

Yellen: Inflation and high prices are a serious problem that is hurting Americans.
Also Yellen: Let's put a 100% tariff on $10, 000 Chinese EV's so that Americans only options are American EV's that cost more than $30, 000.

Are we going to sit here and act like our auto manufacturing industry also doesn't receive massive subsidies? Just admit these lobbyist are paying you and stop with this ridiculousness of acting like you are doing this for the benefit of Americans.

The reason we're doing these tariffs is because our politicians selling us out decades ago has caught up to us, so we have to do whatever we can to stop China while we play catchup. Thank you to the politicians and business executives who sold us out to China decades ago in order to reduce costs and pad their bottom line, but the reckoning as a consequence is here. China isn't a poor nation anymore. They can, will, and continue to raise labor costs now that they have access what was once our manufacturing capacity. We no longer have a competitive advantage like we used to. They're a beast we created, in many ways.

[youngkim]

spend money crazy. at the same time she said trying to bring inflation down?

[lieluo]

US: $70B in 2024 for semiconductor companies - the Chip Act

China: $173B for EV companies between 2019 and 2022 - “unfair, massive subsidies“

🤣🤣

Oh btw US subsidies are split by a handful of supernational giant companies like Intel or NVidia. Chinese subsidies go to companies of all sizes, including startups who push innovation.

Go figure.

[MinSun-kknm]

infection reduction is the biggest Subsidies to united States manufacturing, including chips, EV, etc.

[infraaa_]

LMFAO to have this technocratic penguin talk about fiscal responsibility is literally unbelievable

[zerhero]

The only overcapacity in the world right now is called the US dollar.

[usmankhalid]

She needs to go please 🙏 bro she is breaking our relationship with every single country in the world 🌎

[kbl]

omg, all the comments LOL. This administration has driven people nuts. Thought Trump administration was already bad

[generector]

The public has been waiting for car prices to come down for four years. Now the one thing that could hammer the greedy other gods of auto is getting tariffs.

[zraker]

Translation/ we can't compete unless we cheat. We only talk a good game about an open market.

[sammak]

maybe just me, im confused with her answer when asked about higher inflation if more tariffs impose to chinese products, she answered irrelevantly. then accused chinese heavy government subsidy, then isnt it better for american consumer to buy subsidized chinese product in term of inflation? what are those Inflation Reduction Act fund, etc? those are not government subsidies?

[davidk]

@10:30
Yellen: ...and the president's plan would hold interest costs at historic levels and not allow them to rise above that.

So she's basically saying Biden is telling Powell what to do and that the Federal Reserve is not independent contrary to what everyone says in the White House

[VietNguyen-vjsu]

she should have asked Mrs. Yellen what the FED is going to make US debt more attractive (people are not buying US debt)

[abdulrazifabdulrazak]

China goods so cheap…its probably can combat the said inflation…why need tarrifs??? Ridiculous!!!! People also want cheap EV car!!!

[Heru]

Love You Aunty, Blessings to you and, Health.