Janet Yellen warns China about excess capacity building in solar, EVs, lithium-ion batteries

The U.S. is trying to reshore key supply chains including for renewable energy, but when touring a Georgia solar facility this week Treasury Secretary Janet Yellen said China’s overproduction is making it harder for other nations to compete.

[@harryloo8544]

Translation: Please make your industries less competitive just so we had a chance on these new industries too

[@seymorefact4333]

🇺🇸🇺🇸usa regime... protectionism via sanctions wars will only CREATE inflation. China.... please give us quality goods at affordable prices. TRUE CAPITALISM WORKS. THE 🇺🇸 has FAKE ISOLATIONIST PROTECTIONISM... ONLY HURTS CONSUMERS AND JOBS!

[@keyisersoze]

Of all Roman conquests, only Asia had a surplus. - Cicero, 66 B.C.

[@bubuneowoo6161]

US subsidizes agriculture and dump on world market, driving poor African farmers into poverty. Pathetic hypocrites!

[@nakedikhei7883]

😅

[@douglaswong6975]

Sure, how about selling your high technology for US$2.00 so that the Apple iPhone will be less $500 each

[@vamoua4036]

So American type of freedom is if America can't make something, no one else can make it too? I'm an American but that view is pathetic.

[@user-ur3kk6wb4o]

美国政府所谓的自由从来都是如此，美国致力于全球为美国做打工仔。

[@silafaupaulmeredith7251]

This is just stupidity at its finest. What happened to promoting green technologies?

[@MrDwieszopyjackson]

Wrong people benefit from the whole grift. Thats what happened😁

[@kingwing3203]

Where is the free trade that the United States advertises?

[@silafaupaulmeredith7251]

@@kingwing3203 No free trade if we do not take all the benefits. Zero Sum Mentality against Win Win Cooperation promoted by the Global South

[@dcauninaivonarck5266]

There has never been free trade. They have been pointing guns at other countries to enforce their "free trade".

[@TheTEDfan]

Three Americans with footprints of 20-40 tons of Co2 per year arguing that China should slow down the production of energy transition products. Pathetic.

[@seymorefact4333]

🇺🇸🇺🇸usa regime... protectionism via sanctions wars will only CREATE inflation. China.... please give us quality goods at affordable prices. TRUE CAPITALISM WORKS. THE 🇺🇸 has FAKE ISOLATIONIST PROTECTIONISM... ONLY HURTS CONSUMERS AND JOBS!

[@dollgoo-jx8fv]

LOL😂👍

[@jeffreydurrance5400]

Another words, China is 20 years ahead of us in solar development and US has lost the race..just doesn't to admit it

[@seymorefact4333]

🇺🇸🇺🇸usa regime... protectionism via sanctions wars will only CREATE inflation. China.... please give us quality goods at affordable prices. TRUE CAPITALISM WORKS. THE 🇺🇸 has FAKE ISOLATIONIST PROTECTIONISM... ONLY HURTS CONSUMERS AND JOBS!

[@ajaykumarsingh702]

Depends IF solar is the future. But I have my doubts. This is not a long term solution for energy.

[@DontUputThatEvilOnMe]

Chinas has been overproducing all these items and taking a loss on it. Their government subsidies are the only thing that make these cheap solar panels possible.

[@jjbully]

@@DontUputThatEvilOnMe you need to produce more before you can export isn't it? I suggest you exercise some common sense

[@DontUputThatEvilOnMe]

@@jjbully You can still produce too much. China cannot sustain the amount of low cost products they are making forever.

[@William1866]

Yellen; "Stop being capitalist. It's only for us."

[@vectoraerialimaging774]

They don't practice capitalism. China is driving down their mfr. cost by subsidizing with government money.

[@user-ow1bn6qv8q]

I think it's the opposite. She is saying stop subsidizing production by the government. That's not capitalism.

[@DanBurgaud]

@@user-ow1bn6qv8q "Inflation Reduction Act" is subsidy.

[@shiulai5804]

@@user-ow1bn6qv8q Do you mean the "The Inflation Reduction Act" which will deploy nearly $400 billion over the coming decade According to an IMF report--"The law explicitly favors clean energy manufactured in the United States, part of a broader shift evident elsewhere, such as a recent law to boost the domestic semiconductor industry, toward “industrial policy”-a catchall phrase referring to government intervention to promote and protect firms in targeted and strategic sectors."

[@RashedaAktar-cg1fn]

​@@user-ow1bn6qv8q 400 billion of " inflation reduction act " crying in the corner😂😂

[@StatedByTony]

Makes no sense. Prices need to go down if we want 3rd world countries to have a chance to become environmental friendly.

[@yashkumar3196]

What about the chances of becoming environment friendly in ur first world?

[@user-ow1bn6qv8q]

Needs to be a sustainable transition. Not massively subsidized by government. Companies need to bring down EV costs with technological advancements, not by getting money from governments.

[@shiulai5804]

@@user-ow1bn6qv8q Do you mean the "The Inflation Reduction Act" of America? It will deploy nearly $400 billion over the coming decade

[@user-ow1bn6qv8q]

@@shiulai5804 Yep exactly.

[@user-et1vi6jo3w]

@@user-ow1bn6qv8q The sooner the better. Subsidies accelerate it

[@gamearena9519]

Over capacity? Most funny accus i have ever heard😂

[@bradlyrogers2920]

Ikr, wtf. God forbid we have lower prices

[@Destorrrrr]

Companies need to be able to charge prices that sustain their businesses and lead to real long-term growth, government subsidization on this scale won’t help especially when they then start trying to dump products into other markets and destroy domestic competition. China has done this many times before with other products,, and it does not lead good places.

[@bigmantrue1]

another American invention

[@PeterSedesse]

@@bradlyrogers2920 China subsidizes the building of their factories, their factors overproduce and can't make a profit, China subsidizes their losses. Prices become so low that US manufacturing can make a profit, USA does not subsidize, our factories go out of business, and chinese factories raise prices on us. That is the process in the minds of the chinese gov't... but it never seems to work out for them.

[@shiulai5804]

@@Destorrrrr I see. You mean "The Inflation Reduction Act" which will deploy nearly $400 billion over the coming decade???

[@sonnyvanngo3950]

Next warning. Too much Chinese food. McD can’t compete

[@jimkuan8493]

Let me translate: China, please slow down so I could catch up. LOL 😁🤣

[@thienkim1754]

🤣🤣🤣

[@famousfigures]

The crux of the issue is that Americans can't compete and China got their advantage simply by investing where America did not. Suddenly, America is not so cool with capitalism anymore.

[@thienkim1754]

😂 cowboys likes to play with Guns 😂 So we all know what they are more interested in investing

[@jeffjones114]

headline should be "china's overcapacity lowers global prices" not "distorts global prices" 😂

[@mr2uinitio]

Yellen complaining about lower prices is rich

[@Jacktan9203]

The US government policies make the rich richer and the common people even poorer and then they want the common people to not be able to afford solar panels and EVs 😅😅

[@archstanton5973]

I see what you did there.

[@mgliew]

Cheaper solar panels means lower cost for all countries to develop their clean energy sector. This is a big win for the world as we will be reducing the reliance on old oil and coal power production. This is a morally right path to a more sustainable world.

[@jetli740]

SHhhnnn US dont want that they want you buy their solar panel at x2 the cost

[@kwoklung]

Big win for the world but at the expense of the west, we cant allow that.

[@brakmaster]

Stop making your products cheaper. We don't want consumers to be able to purchase at even lower prices. 😂

[@deezeed2817]

She's speaking on behalf of the capitalist class. Overproduction is bad for profits but good for consumers.

[@wf645]

@@deezeed2817 strangely though some of these are manufactured by Western and global brands ...

[@thienkim1754]

🤣🤣🤣 be like Apple , make them cheap and charge a lot , Don't worry about the consumers, they're just your piggy Bank .

[@deezeed2817]

@@wf645 Yes that's definitely true but what she's worried about is that the bourgeoisie of the U.S in automotive manufacturing will be unable to compete with Chinese EV makers. BYD for does business with most of the world but is being kept out of North America. This protectionist move is to protect U.S legacy manufacturers from Chinese competition. The U.S govt spent billions bailing them out in 2008 and i can tell you they don't want to bail them out again thus this desperate move. The big 3 car manufacturers simply can't compete in this space and only Tesla is the major player yet they use BYD batteries in their own vehicles. U.S losing industrial dominance is key to understanding why the U.S fears China.

[@wf645]

@@deezeed2817 Like it or not, US has already lost the industrial dominance, when their workers are high paid, unionised, low skilled ... and the export of manufacturing by their brands ... only thing that US exports now is inflation and debt ... which is also under threat when the world now smartens up to the diabolical scheme of US ... in short US is like the struggling declining Rome empire

[@jimkuan8493]

Americans, after watching this video segment, do you think it makes any sense? US has high inflation. And China has overcapacity. The natural conclusion is importing all these low price and high quality products (Chinese products have high quality, stop lying to yourself otherwise) to US market to fight inflation. And if America wants to build its own industries, go build them. No one is blocking you from building them. You can even tax the Chinese products by 25% to give your local companies an edge. It is OK for the government to use that money to sustain your local business. Government, society, enterprises and people can WORK TOGETHER to build up your industries. But that is not what happened, right? That 25% of tax on Chinese products simply get collected by US government and is never used for building up its own industries. That money simply go to the rich people and the society gets inflation instead. Further, does Americans actually want to work? There are so many jobs that are not filled in US. Foxconn, for example, when they opened an iPhone assembly factory in Wisconsin, they could only hire about 90 people. The locals simply do not want to sit on assembly lines and work their butts off for the money that they could get from social well fare. So the idea that Chinese products are destroying American factories are simply not true. Not that many people want to go to work.

[@jimkuan8493]

To be clear, Americans want to have white collar high paying jobs. They do want to work. But not assembly lines. So blaming China for producing products efficiently through those assembly lines that "hurt" Americans jobs is BOGUS. And let's face it. Within 10 years, AI Robotics will make all those assembly lines jobs irrelevant. There is no need for human to produce products. Even if you build all those American factories, they will be filled with AI Robots.

[@wf645]

US's inflation is artificial, as most of these inflation is done via tariffs which is in turn passed on to consumers ...

[@dollgoo-jx8fv]

👍👍👍

[@satriojumeneng7055]

If I were the Chinese, I will say: "That is not my problem. That is YOUR problem!"

[@960john]

But you'd be wrong. Over-capacity means their companies are making thin margins, little profits and their workers's salaries are kept down.

[@satriojumeneng7055]

@@960john It doesn't matter. That's not your business.

[@960john]

@@satriojumeneng7055 It is. Yellen is looking for dialogue before raising tariffs. She's too kind.

[@satriojumeneng7055]

@@960john It doesn't matter if she raises the tariffs. Americans will actually bear the tariffs. Made In China 2025 program will continue.

[@satriojumeneng7055]

@@960john Americans will pay the tariffs basically.

[@jjbully]

too bad China is not Japan

[@vincentlam7260]

Next. Warns China excessive consumption of roasted pork.

[@RichardKing-sx6xc]

😂🤣😅😆😎👌

[@seymorefact4333]

🇺🇸🇺🇸usa regime... protectionism via sanctions wars will only CREATE inflation. China.... please give us quality goods at affordable prices. TRUE CAPITALISM WORKS. THE 🇺🇸 has FAKE ISOLATIONIST PROTECTIONISM... ONLY HURTS CONSUMERS AND JOBS!

[@mianmian3488]

The New York times already complained it back in 2020. You are too late 🤣

[@applec.397]

To clarify, it appears that when the United States holds a dominant position, it can restrict chip exports, while if China excels in producing goods more affordably, benefiting consumers, this is deemed as exporting excess capacity.

[@fredfrond6148]

Next China will get scolded 💩 for making safe aeroplanes and not giving Boeing a chance.

[@CodeMeat]

Talking about Boeing, that "suicided" whistleblower news just got calmed down quickly, no? Like no one is talking about it anymore.

[@forestwood9282]

Why would Chinese gov do it to hurt itself. Does not it sound idiotic to yourself? Think before speak!

[@vijjreddy]

how to about other countries objecting to excess spending on weapons by USA, may be they should reduce it a little to allow for a level playing field

[@ronsilva7394]

Taxpayer money to prop up a US solar or battery companies that will just go bankrupt in 2 years .

[@dcauninaivonarck5266]

They can always and will print more money. That's the reason the whole world needs to de-dollar.

[@kianhengtan1072]

Bringing production back to US will also bring back high inflation

[@bigmantrue1]

But Janet never reminds the world about Apple's flood of every country with American apps. She should warn about the dangers of American global dominance.

[@lukeecle117]

How many evil green bills do you print ? Yellen and Powell : Yes

[@GoNavyAT2]

I’m more blown away that Yellen thinks the Chinese gives a $h!t about American workers…. Lady are you friggin serious?!🤦🏻‍♂️

[@michaelhaidee]

Yellen: Capitalism for me, but not for thee. When we wanted to force everyone to solar green initiative, we didn't actually intend for it to be cheap...

[@JD-yz4kr]

US and Yellen is complaining that Chinese products are becoming cheaper and cheaper, and she will ask the Chinese to increase their prices so American companies can compete. This is called price-fixing and is a criminal offense. Yellen is going to commit a criminal act.

[@vijjreddy]

may be she should listen to those who complain she is borrowing too much, rather than bother about excesses of china

[@VL-inquisitor]

Tesla's Shanghai Plant, world's largest EV plant, produced almost 1 million units of Model 3 and Y cars. Such exports are the key reason why global consumers (including those in China) can enjoy quality EVs at competitive prices. Likewise, Chinese EV brands like BYD, Nio etc are producing and exporting similar affordable green vehicles. However, Yellen says China is flooding the globe with EV over-capacity and such 'cheap' exports are hurting the American economy. I simply can't grasp the logic.....

[@BrandyHeng007]

Using missile to shoot a weather balloon. What kind of economic fools would do that, "pence wise , pound foolish"

[@whatyousaid1375]

She cares more about company profit than citizens able to purchase cheaper & better products. So selling expensive products suddenly becomes US new universal value. No more free trade, free competition, innovation, etc.

[@2148aa]

20 billion bucks to intel for chips is not a mistake.😵😵‍💫🤔

[@Tim145Tim145]

So the Americans try to build their own supply chain, does it count as adding capacity? So you want the Chinese to reduce the capacity and give you the market.

[@alexlau777]

What happened to free market efficiency?

[@keungpang2176]

Why would anybody sell something that doesn't make a profit. 😂😂😂😅

[@monkeyking-self-proclaimed7050]

Most demented thing I have ever heard.

[@js1112111]

Of course Yellen would complain about lower prices. 🤡🤡

[@PK-uk3gh]

Is nt it good ? We can solve global warming in a go 😂

[@fanxingkong3409]

I have no problem with this as a consumer. The only problem is why we can’t buy any such EVs in the US? Why is Tesla so expensive compared to the price it’s sold in China?

[@waichungsham1578]

What next Chinese garlic 🧄 a threat to national security 😮 oh you did that already 😂

[@fredfrond6148]

So remind me who is the communist economy here and who is the free market economy?

[@banjiu10]

It is not China's excess capacity. It's US's undercapacity, or to be more precise, incapacity.

[@FoundingFathersUSA]

Tariffs. America’s first tax.

[@shiulai5804]

Low prices help us keep our inflation low, a goal that the FED is trying very hard to achieve. What will Yellen accuse China of should serious inflation returns? That the Chinese deliberately reduces capacity to hurt America?

[@gratus9435]

Their chip making capacity will soon explode. Do you not have that planned?

[@shiulai5804]

The Chinese might remind Yellen about America's own government subsidies-- For example. "The Inflation Reduction Act" which will deploy nearly $400 billion over the coming decade According to an IMF report--"The law explicitly favors clean energy manufactured in the United States, part of a broader shift evident elsewhere, such as a recent law to boost the domestic semiconductor industry, toward “industrial policy”-a catchall phrase referring to government intervention to promote and protect firms in targeted and strategic sectors."

[@fckutube]

Just make enough to keep the gravy train going China. Just look at what iPhone doing and follow that.

[@soonpohtay4794]

When US subsidises their industries it is not subsidies. When Israel do genocide it doesn’t genocide.😂😂😂

[@nlee8801]

Excess capacity, really? Why the hell on earth some countries have to slow down and wait for others to catch up to complete? The answer is GFY.

[@pettypractice7872]

呵呵以前在产业链下游就赞美廉价劳动力，现在一往产业链上游冲就急了

[@danstenis660]

You people don't know what you are talking about. The USA just simply cannot compete with China in manufacturing. China has 4X the population, and thus at least 4X the manufacturing capacity. On top of that, the labor cost and logistics is lower than in the USA. The only way for the USA to beat China is in quality, but China is catching up on quality manufacturing, so the quality difference is not enough to offset the price disparity. Instead of trying to compete with China, let's change the strategy to a collaboration and cooperation with China. The Chinese and the world economies will merge as one, and we all work together and share in the fruits of labor. This way, there is no need to fight for who is producing what, as everything is own and distributed by the world economy. Our riches will depend on our collective advances in technology, and we all will work together to advance ourselves instead of fighting each other and killing each other to survive while resources are becoming more scarce with time. Now is the time to change and evolve with the modernizing of our technologies and our world. How much more killing do we have to do before we wake up and see our real problem in order to solve it?

[@Walawala459]

Blame it on Americans, trade war cause imbalance. Sanction, sanction, excuses, excuse…..war, war…what do you expect?

[@chenmacro]

1.4 billion Chinese ppl need the jobs. Will US give them money so they don't overproduce? 😂

[@JuanChavez-gq1gw]

theyve been doing this for decades. why is it a big deal now? as for government subsidies, you expect me to believe our own government doesn't subsidize american companies?

[@sihksahmir5635]

GPS, Google, Windows, Facebook, .... don't they dominate the market?

[@kenbehrens5778]

Poor research on the part of CNBC. Bloomberg reports that China's 'overcapacity' is not backed by data. The problem for the US and EU regarding EV's/panels etc is China's more advanced technology, integrated supplies, modern transport, lower energy costs and stable prices. Cars are not 'dumped'. Costs have risen, and car prices overseas are sometimes double what the same car sells for in China.

[@francismarion6400]

I like the way she says " Biden seems to be getting firmer".

[@whatyousaid1375]

Need more doses of Virga

[@johny-ql4wn]

Make no sense of the topic! Need re-phrase that the operation is fair? Whats wrong with overcapacity?

[@UnitedAfrica-uw9ct]

What happened to letting the market forces dictate the price of the products ?

[@xiaozhong5198]

I watched Yellen's talk in China, She said she understand China becoming more competitive, but if China would be consider to being less competitive in terms of EV, solar power that will give such favor to USA. She did not have balls to "warning" or "Chiding"

[@RB-yj9ng]

They don't want their huge corporations to lose money. Either way, you look at it with AI, humanoid robotics, solar panels, batteries, and EVs something big is headed our way the world over. With all the efficiency about to be embraced from companies who can't get the dollar signs out of their visions to people needing relief from high inflation prices will be coming down. The worst part is all the disruption will displace jobs and very few high-paying jobs will be left. This will occur over the next couple of years. Hold on to your seat it's going to get bumpy no matter how they implement tariff restrictions or warnings to other countries. Change is the only constant driven by exponential concepts governments fail to understand but soon will be reckoning with.

[@directxxxx71]

Xi Jinxing should warn Janet Yellen and US government about excess capacity building in money printing and weapon making😂😂😂

[@dollgoo-jx8fv]

🤣🤣👍

[@yookyum]

You should talk about how dangerous Alibaba, Aliexpress and TEMU. How are these companies disrupting other countries' goods and prices, such as in Asia and Europe.

[@jetli740]

or how they able the poor to be able to afford product they can never before. is that bad for you?

[@tkw3864]

Lower prices is good for everyone

[@nsng1298]

China produced 4.7 million STEM graduates annually. The U.S. produced 600,000. Is this over production? Should China reduce the number of STEM graduates? With this vast pool of STEM graduates, as China moves up the technology ladder, the U.S. can no longer compete.

[@LeMon-wb1sl]

"Demand exceeds supply: price of product / service will increase "Supply exceeds demand: China bad" - Yellen School Of Economics

[@1227leochin]

the USD is overcapacity😑

[@kingwing3203]

Where is the free trade that the United States advertises?

[@ChuckWilliamsTechnology]

It is becoming clearer and clearer that American really doesn't believe in free trade, competition, and real capitalism.......I thought that is what CAPITALISM is about...if you can't compete you go out of business...WOW!!!! American doesn't really believe in anything it preaches to the world!!!

[@holdencaulfield3102]

This problem could lead to the shutdown of numerous coal and natural gas fired power plants. 🤯

[@jetli740]

create more jobs than a few coal mine

[@jetli740]

ok question for all: if china sell solar panel at x2 price to the US and normal x1 price to canada. would yellen said china do a good job?

[@zacklee5168]

What happened to the great american invention - Free Market/ Free Economy??? 😂😂😂 Producing overcapacity!!😂😂😂

[@mateunlock2023]

We accuse the United States of depriving its people of cheaper but better quality goods😇

[@johny-ql4wn]

Look the panel you know why we are losing the competition. Still no clue why you cannot compete? Don't look far, just the chip manufacturing. What you can say? just give you time? a joke.

[@angela031]

I didn't know, and I believe no economic students or experts, were ever told or taught that an enterprise has to control the quantify of its output or not to sell them as such prices as to cause its indolent competitors out of business. Accordingly, smart students in the US should be jailed or sent back to their home country so that the not so smart locals don't appear stupid.

[@user-ly3ml7sn3z]

If you're a rookie, you should train more. If you can't afford to lose, don't play the game.

[@brucej2490]

You should blame Trump who support gasoline car

[@MrTenny52]

US citizens are not allowed to drive a $20K EV. says the congress

[@BrandyHeng007]

Free Market Economy, when demands exceed supplys , China accelerate overtime their production capacities , what's wrong with that. US tea lady gets paid more than double the salary of a Chinese engineer.

[@lamchan8674]

I thought we want to go green against global warming.

[@kevinl7173]

How can the borrower and worker warn the boss and the banker?

[@douglaswong6975]

A simple way Americans can beat this overcapacity is simply stop buying, no demand no supply, no problem of overcapacity

[@user-lr8zd6yl8m]

Why is American buyer of cars paying 10,000 or 30000 dollars more for new cars compare to Chinese buyers in China, intense competition among companies is good.

[@passby8070]

In other words, please make solar panels more expensive and slow down your adoption so we can continue to warm the environment and destroy most of the humanity in the process. This is the most illogical and dumb demand I have ever heard, well within the realm of reality for an American politician.

[@MacrosFTW]

I want cheaper solar panels. I would cover my entire house with it.

[@jetli740]

yellen want you paid x2 for your solar panel

[@happymelon7129]

😆Current world biggest excess capacity problem --> U$D unlimited printing.

[@paultsjan6047]

What excess capacity?!?! What is Janet Yellen implying about excess capacity in contrast to what??? Economies of scale in term of lower cost helps demand grows over time. Green energy generated from natural resources, such as sunlight using solar panels. Wind turbines harnessing the power of the wind to generate electricity by converting kinetic energy into electrical energy. Electric vehicle as an option for gas internal combustion engine. EV’s battery that store energy. Growth of technology platforms that have made it easier to find, use and pay for use of Excess Capacity. Let the market determines what is excess capacity.

[@Learner1963]

It is a win win situation for them to artificially set the tariff to the level that their industries can complete and their government get more revenue through import taxes. Besides, poor countries can afford to buy at cheaper prices.

[@sulongabusamah3861]

Bagus lah, harap sangat harga panel solar tunrun 50%

[@robm838]

Sounds like Yellen is on the pockets of some US solar manufacturers.

[@GEMNET442]

Excess capacity where? I don't feel the output at all, they need to produce more of these products till the products become cheaper for Nigerians

[@cyeszin2818]

This administration is a tragic joke

[@RB-eo4eq]

Over production… euphemism for we are 10 years behind and please please let us catch up …. like Ford and GM building EV cars no one wants in the US. In addition to not having a national EV charging infrastructure that actually works. SMH.

[@cyeszin2818]

Why give a chinese company 100m while americans struggle?

[@antoniorocha9438]

Does the US government function without blaming others?

[@edwinhuang803]

If that logic stands, the US over products lot of technologies in a lot of sectors. These talking points are ridiculous!

[@cshan5424]

Please, US hates Cheap EVs and Solar Panel! US people all happy to pay 2x, 3x! that will make US The Greatest Country!

[@Alex-ig2xr]

Lower prices increase demand. Then it’s no more overcapacity. I doubt she is an economist.

[@TeguhSantosot_so]

and when china could manufacturing new cutting edge in semiconductor especially 7nm and 4nm node processing there nothing more favored by the United States