Janet Yellen in China to argue against energy subsidies

Janet Yellen, US Secretary of the Treasury, visited China to discuss Chinese subsidies for solar and electric vehicles, a matter of concern for the United States.

Share:

Visite Janet Yellen Chine subventions 2024

US Treasury Secretary Janet Yellen makes her second visit to China in less than a year, landing in Canton after a crucial call between Joe Biden and Xi Jinping. Despite disagreements over US trade restrictions, a common desire to stabilize bilateral relations was expressed. Welcomed by the American ambassador and Chinese officials, Yellen embarked on a series of meetings designed to promote American interests in the face of China’s economic elite.

Concerns about Chinese subsidies

The United States is alarmed by Chinese subsidies for solar energy, electric vehicles and batteries. Yellen underlines the risks of overcapacity generated by Beijing’s support, similar to the issues previously observed in steel and aluminum. This policy could harm the competitiveness of American companies in these key industries.

Subsidy strategies: US versus China

In the face of criticism of US clean energy subsidies, a Treasury official defends their limited impact on the global market compared to the scale of Chinese aid. The European Union launches investigations against Chinese solar companies for unfair competition, illustrating global concerns.

Strategic dialogues and economic implications

Yellen’s schedule includes discussions with American business leaders and Chinese politicians, before heading to Beijing to conclude her visit. The focus is on Chinese subsidies, with little hope of concrete results according to experts, due to Beijing’s expected resistance on sensitive issues such as support for Moscow.

Despite moderate optimism about concrete progress, Yellen’s visit symbolizes an ongoing effort to dialogue on critical economic issues, seeking to balance competition and cooperation between the world’s two largest economies.

Afghanistan and Turkmenistan reaffirmed their commitment to deepening their bilateral partnership during a meeting between officials from both countries, with a particular focus on major infrastructure projects and energy cooperation.
The European Union lowers the price cap on Russian crude oil and extends sanctions to vessels and entities involved in circumvention, as coordination with the United States remains pending.
Brazil adopts new rules allowing immediate commercial measures to counter the U.S. decision to impose an exceptional 50% customs tariff on all Brazilian exports, threatening stability in bilateral trade valued at billions of dollars.
Several international agencies have echoed warnings by Teresa Ribera, Vice-President of the European Commission, about commercial risks related to Chinese competition, emphasizing the EU's refusal to engage in a price war.
The European Bank for Reconstruction and Development lends €400 million to JSC Energocom to diversify Moldova's gas and electricity supply, historically dependent on Russian imports via Ukraine.
BRICS adopt a joint financial framework aimed at supporting emerging economies while criticizing European carbon border tax mechanisms, deemed discriminatory and risky for their strategic trade relations.
The European Commission is launching an alliance with member states and industrial players to secure the supply of critical chemicals, amid growing competition from the United States and China.
Trade between Russia and Saudi Arabia grew by over 60% in 2024 to surpass USD 3.8 billion, according to Russian Minister of Industry and Trade Anton Alikhanov, who outlined new avenues for industrial cooperation.
Meeting in Rio, BRICS nations urge global energy market stability, openly condemning Western sanctions and tariff mechanisms in a tense economic and geopolitical context.
Despite strong ties, Iran's dependence on oil revenues limits its ability to secure substantial strategic support from Russia and China amid current international and regional crises, according to several experts.
Egypt’s Electricity Minister engages in new talks with Envision Group, Windey, LONGi, China Energy, PowerChina, and ToNGWEI to boost local industry and attract investments in renewable energy.
The potential closure of the Strait of Hormuz places Gulf producers under intense pressure, highlighting their diplomatic and logistical limitations as a blockage threatens 20 million daily barrels of hydrocarbons destined for global markets.
Budapest and Bratislava jointly reject the European Commission's proposal to ban Russian energy supplies, highlighting significant economic risks and a direct threat to their energy security, days ahead of a key meeting.
Libya officially contests Greece's allocation of offshore oil permits, exacerbating regional tensions over disputed maritime areas south of Crete, rich in hydrocarbons and contested by several Mediterranean states.
Hungary, supported by Slovakia, strongly expresses opposition to the European Commission's plan to phase out imports of Russian energy resources, citing major economic and energy impacts for Central Europe.
Israeli military strikes on Iran's Natanz nuclear site destroyed critical electrical infrastructure but did not reach strategic underground facilities, according to the International Atomic Energy Agency (IAEA).
The French president travels to Nuuk on 15 June to support Greenlandic sovereignty, review energy projects and respond to recent US pressure, according to the Élysée.
Kazakhstan has selected Rosatom and China National Nuclear Corporation to build two nuclear power plants totaling 2.4 GW, a decision following a favorable referendum and coinciding with Xi Jinping’s upcoming strategic visit.
Israeli strikes against Iranian nuclear sites disrupt US-Iranian talks on the nuclear deal. Tehran now considers canceling the upcoming negotiation round in Oman, heightening regional economic concerns.
Facing alarming breaches of uranium enrichment thresholds by Iran and explicit existential threats, Israel launches targeted military strikes against Iranian nuclear infrastructure, escalating regional tensions dramatically.