Janet Yellen heads to China, seeking to ease tensions between the two economic powers – Gist It

Janet Yellen heads to China, seeking to ease tensions between the two economic powers

US Treasury Secretary Janet Yellen is traveling to Beijing in an attempt to build better relations amid economic tensions between China and the US.

Travel Details: Secretary Yellen’s trip to China is scheduled from July 6 to July 9, and will include meetings with Chinese citizens and US business leaders in Beijing.
* This is her first visit to China as Treasury Secretary and follows less than three weeks after Secretary of State Antony Blinken’s Beijing visit.

Economic Tensions: Recent frictions have been provoked by trade restrictions from both nations and strategic tensions over Taiwan and the South China Sea.
* This week, China announced new limits on exports of key minerals used in semiconductors and solar panels, deemed by Chinese Commerce Ministry as a move to promote national security.
* On the US side, the Biden administration has restricted the sale of advanced computer chips to China and is reportedly considering limiting China’s access to US-based cloud computing services.

Yellen’s Stance: Despite these tensions, Yellen insists on maintaining economic ties between the US and China and avoiding a “disastrous” full separation.
* She stated in an April speech: “A full separation of our economies would be disastrous for both countries,” Yellen said in a speech in April. “It would be destabilizing for the rest of the world.”
* She is expected to raise concerns about China’s human rights record and trading practices that the US considers unfair.

By the Numbers: China is the US’s third-largest trading partner, with nearly $691 billion in goods traded between the two countries last year.

Looking Ahead: Yellen is expected to discuss potential US-China cooperation on global issues such as climate change and the debt burden confronting poor nations.

View original article on NPR

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