Yellen Presses China on Trade Policies, Russia Ties in high-stakes Talks
• Yellen pushed China to change industrial policies that threaten U.S. jobs, especially in EV, battery, and solar manufacturing where Chinese government subsidies have driven overcapacity • The U.S. believes China is artificially flooding global markets with cheap products, undercutting foreign firms • The countries agreed to hold an economic working group meeting to discuss balanced growth and overcapacity • Yellen warned Chinese banks against facilitating sales of military or dual-use goods to Russia, or they could face U.S. sanctions • China defended its relationship with Russia, as Lavrov visits Beijing for talks on Ukraine and other issues