Comments from Yellen
- China is an important, strategic competitor
- We need to work with allies to confront China
- We also need to improve competitiveness in our economy
- We need to take on China’s abusive and unfair practices, including stealing IP and subsidies
- We’re prepared to use our full array of tools to address China
- I believe in market-determined exchange rates
- Value of dollar should be determined by market
- I oppose foreign countries manipulating FX for gain
- We will not seek weaker dollar to gain advantage and will work with Biden to oppose those who do
- Biden doesn’t want to raise taxes during pandemic
- Wants to reverse some incentives in 2017 Trump tax law, including incentives to move offshore
- It is necessary for US companies to be globally competitive on taxes
- Biden wants to ensure robust electric vehicle market along with related infrastructure