US Treasury Secretary Janet Yellen visits China this week with the goal of finding areas of common economic ground and opening communication channels amid an increasingly turbulent relationship between the world’s two biggest economies.
It will be the first major test of a policy she outlined in April that’s geared toward defending and securing US national security without trying to hold China back economically.
Yellen happens to touch down in Beijing exactly five years after the Trump administration imposed tariffs on the first wave of more than $300 billion of goods from China— duties that President Joe Biden has kept in place despite Yellen’s criticism of them. Yellen has for months hoped to visit the Chinese capital, but an escalation in tensions stemming from then-House Speaker Nancy Pelosi’s trip last year to Taiwan — which Beijing claims as part of China — and the flight of a Chinese balloon over the US left the plans in limbo.ON the trade front, Yellen has questioned the efficacy of the US tariffs in the past, saying they contribute to inflation and suggesting they could be rolled back.
A key priority for the Treasury has been pressing Beijing to boost debt relief for developing nations, where China has become one of the largest creditors. Yellen’s visit will follow a recent agreement in principle for Zambia, which she has praised. And while a Treasury official sought to manage expectations, saying a major breakthrough was unlikely, the department hopes the trip will help build longer-term channels of communication with the Chinese government’s new economic team.
“It’s vital that policymakers understand what’s going on in the other country,” said Loevinger, a former senior coordinator for China affairs at the Treasury. Among other potential issues in the upcoming talks: a recent crackdown by China on access to information about its companies, and continuing questions about prospects for Chinese firms listing on US exchanges. For their part, Chinese leaders have been continuously emphasizing that their country welcomes overseas firms.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yellen China visit seeks to create more talks amid tensionsUS Treasury Secretary Janet Yellen visits China this week with the goal of finding areas of common economic ground and opening communication channels amid an increasingly turbulent relationship between the world’s two biggest economies.
Read more »
Yellen to kick off China visit with both sides locked in confrontationU.S. Treasury Secretary Janet Yellen is set to start a four-day visit to Beijing from that is expected to focus on recalibrating ties between the world’s two largest economies locked in confrontation. | Reuters
Read more »
Yellen arrives in China as US seeks to stabilise tiesUS Treasury Secretary Janet Yellen arrived in Beijing on Thursday, kicking off a visit aimed at improving communication and stabilising the tense relationship between the world's two largest economies. ManilaBulletin READ:
Read more »
US concerned over China’s ‘coercive, risky’ behavior in South China SeaMANILA, Philippines — The United States is concerned over the latest incident that showed Beijing’s “coercive and risky” behavior in the contested South China Sea. This was among the
Read more »
PH debt hits P14.10T as of end-May 2023, says Bureau of the TreasuryMANILA, Philippines — The national government’s outstanding debt reached P14.10 trillion as of May 31, 2023, higher by P185.40 billion from the previous month, the Bureau of the Treasury (BTr)
Read more »
DOT Secretary Frasco’s dilemmaHow unfortunate that Secretary Christina G. Frasco of the Department of Tourism (DOT) should suddenly be mired in the fiasco of “Love the Philippines,” the new branding titled “GINTO, Greater Innovation, New Tour-ism Opportunities” launched last June 27 to celebrate the golden anniversary of Philippine tourism. Sec. Frasco described it as DOT’s “commitment to continuous innovation and growth, marking a new chapter in the Philip-pines’ tourism journey.”
Read more »