U.S. Treasury Secretary Janet Yellen sparked global debate this week by accusing China of 'dumping' cheap clean energy products—a claim economist John Ross calls 'damaging' to both international climate goals and the U.S. economy itself. 🌱💸
Why China’s Green Tech Dominance Matters
Ross, a former London economic policy director, argues China’s role in supplying 80% of global solar panels, 60% of wind power tech, and 30% of hydropower systems is essential for smaller nations to afford renewable transitions. 💡🌍 'Why should countries pay more for clean energy just to please the U.S.?' he challenges, pointing to nations from monarchies to republics partnering with China via initiatives like the Belt and Road.
Growth Numbers Don’t Lie
With China’s economy growing 2.5x faster than the U.S. since 2020 (20.1% vs. 8.1%), Ross criticizes Washington’s focus on 'slowing others down' instead of boosting its own competitiveness. 📊 'The U.S. could be speeding up its economy, but it’s choosing to play defense,' he notes—a strategy he warns could backfire as global demand for affordable renewables surges.
Will Tensions Cool Post-Election? 🤔
Despite hopes for calmer U.S.-China relations under Biden, Ross predicts 'non-peaceful competition' will dominate regardless of November’s election results. 'The U.S. hasn’t accepted that China’s growth isn’t about overtaking them—it’s about lifting living standards for 1.4 billion people,' he explains. While conflict isn’t inevitable, Ross sees a 'dangerous period' ahead as the U.S. grapples with shifting economic realities.
