Yellen's assessment of China tariffs

Yellen said that China’s response to the expected US tariff move is possible. As the Biden administration prepares to announce tariff hikes on China, US Treasury Secretary Janet Yellen said, “We hope there will be no retaliation from China.” Speaking to Bloomberg TV, Yellen did not yet confirm new tariffs on Chinese-made electric vehicles, batteries and solar panels, but said the measures would be “selective measures to address their concerns.” Yellen said, “We hope we don’t see any serious Chinese retaliation. But that’s always a possibility.” Speaking to reporters later, Yellen said, “We will make sure our counterparts are informed before any announcement is made. We’ll see what happens.” As the November elections in the US approach, discussions about tariff hikes on China are also heating up. Most recently, the US-based soybean industry has demanded tariffs on Chinese-made cooking oils be increased. The US-based National Oilseed Processors Association is calling for an increase in the tariff, which is currently at 15.5%.