Janet Yellen assures that the US and Europe must respond in a 'strategic and united way' to China's industrial excess capacity

The treasury secretary said the rise of Chinese industry puts both American and European companies at risk.

Janet Yellen assured this Tuesday that the United States and Europe must respond in a "strategic and united way" to China's industrial excess capacity. The secretary of the treasury made this statement during a speech on the importance of the alliance between the United States and Europe in the city of Frankfurt, Germany.

As reported by CNBC, Yellen assured that the rise of Chinese industry puts both American and European companies at risk and that, therefore, both governments have to do something to prevent it as well as to protect the industrial development of countries with emerging markets:

China’s industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk

For her part, Ursula Von der Leyen, president of the European Commission, assured that Europe would try to confront China's industrial excess capacity in a different way than the United States did. While U.S. opted to quadruple the price of tariffs on Chinese electric vehicles, Europe may also increase tariffs but it is very unlikely that they will reach the rate imposed by the United States.

Yellen assures that Europe and the US must unite to combat Russian aggression

Not only that, the United States secretary of the treasury also assured that Europe and the United States must present a united front against Russian aggression and Iran's "support for terrorism" as well as finding a way to comply with the agreement that allows them to find a way to unlock $300 billion worth of frozen Russian sovereign assets to help Ukraine:

That’s why I believe it’s vital and urgent that we collectively find a way forward to unlock the value of Russian sovereign assets immobilized in our jurisdictions for the benefit of Ukraine. This will be a key topic of conversation during G7 meetings this week.