WASHINGTON (Reuters) – White House National Economic Advisor Lael Brainard He said Thursday that China’s industrial capacity and exports in certain sectors are so large that they could undermine the viability of investing in the United States.
“China is too big right now to play by its own rules,” Brainard said in a speech at the liberal think tank Center for American Progress.
“China’s industrial capacity and exports in certain sectors are currently so large that they could undermine the viability of investments in the United States and other countries,” he said.
Earlier this week, President Joe Biden announced significant tariff increases on imports from China, including electric vehicle (EV) batteries, computer chips and medical products.
China has vowed to retaliate against the tariff decision. China’s Ministry of Commerce said the Chinese government opposes the US tariff hike and will take measures to protect its interests.
Brainard also said that a new cycle of policy-driven overcapacity and export surges in China could harm U.S. workers, undermine market-based innovation and competition, and undermine the resilience of U.S. supply chains. warned that there would be.
“We have learned from the past. There can be no second China Shock here in the United States,” she said.
He also said the U.S. would work with Mexico to address concerns that some of China’s steel and auto exports may flow through Mexico.
(Reporting by Nandita Bose in Washington; Editing by Franklin Paul and Alistair Bell)
