Mark Gitenstein, the U.S. ambassador to the EU, stated China is deliberately distorting marketplaces with a glut of low cost products.
Speaking to CNBC’s Silvia Amaro on Tuesday, Gitenstein explained China was “engaged in a deliberate energy to undermine financial sectors in both of those Europe and the United States.”
The Chinese Embassy in London did not immediately respond to a ask for for remark when contacted by CNBC.
The ambassador’s responses arrive as the Biden administration on Tuesday announced a hike in tariff prices on $18 billion truly worth of Chinese imports, which includes escalating tariffs on Chinese electric vehicles from 25% to 100%.
It comes amid rising worries in excess of a raft of cheap Chinese “inexperienced” items — this kind of as EVs, batteries and solar panels — flooding international marketplaces.
White Home officials have by now warned Beijing to amend selected trade methods that it argues have weakened world wide offer chains. Meanwhile, final 12 months, the European Commission introduced an investigation into Chinese EVs and lifted the possibility of introducing its individual “anti-subsidy responsibilities” in the foreseeable future.
Gitenstein stated that both equally European Commission President Ursula von der Leyen and European Council President Charles Michel have “talked thoroughly about the challenge of overcapacity in the People’s Republic of China and how it truly is distorting our markets in the United States and their marketplaces in Europe.”
“We are going to protect our workers and we are heading to safeguard our sectors of the financial system that are staying attacked basically by the PRC [People’s Republic of China], particularly in the eco-friendly tech location,” he extra.
— CNBC’s Rebecca Picciotto contributed to this report.
