US-China Trade Fight: China Accused Of Dumping Cheap EVs & Green Tech | Janet Yellen In China

US Treasury Secretary Janet Yellen was visiting China and she is raising concerns about overcapacity in green tech. China has sharply ramped up its production of cheap electric vehicles, solar panels, and batteries just as the Biden administration has pushed through legislation supporting many of those same industries in the United States. Concerns are growing not just in the U.S. but also in Europe and Mexico that China will seek to bolster its own struggling economy with a wave of exports that could undercut factories overseas. The US concern is that with Chinese government support creating more production capacity than global markets can absorb, a flood of cheap exports in key sectors like solar and electric vehicles could impact the growth of those industries elsewhere. But commerce minister of China said that "the accusations of 'overcapacity' by the United States and Europe are groundless", state-run Xinhua news agency reported. He claimed that Chinese electric vehicle makers' rapid growth was due to innovation and established supply chains, not subsidies. He added that Beijing would support businesses in defending their interests. Beijing has repeatedly dismissed concerns over its vast state support for industry. #globalaffairs #uschina #uschinatension #evbattery #evbatteriesrecycle #chineseev #buzz #indiatoday Subscribe to India Today for NEW VIDEOS EVERY DAY and make sure to enable Push Notifications so you'll never miss a new video. All you need to do is PRESS THE BELL ICON next to the Subscribe button! India Today TV is India's leading English News Channel. India Today YouTube channel offers latest news videos on Politics, Business, Cricket, Bollywood, Lifestyle, Auto, Technology, Travel, Entertainment and a lot more. Stay tuned for latest updates and in-depth analysis of news from India and around the world! WhatsApp Channel: https://whatsapp.com/channel/0029Va2AnW3JENxxg7OuJv00 Download App: https://indiatoday.link/wHaj Follow us: Official website: https://www.indiatoday.in/ Twitter: https://twitter.com/IndiaToday Facebook: https://www.facebook.com/IndiaToday