US Treasury Secretary Janet Yellen outlined Washington’s concerns about Chinese trade practices that the Joe Biden administration has called “abusive” and “against market rules” during a video call Monday with her vice president Chinese government Liu He, according to a press release of its services.
The discussion is part of the US effort to “maintain open channels of communication”, according to the laconic text, which notes, however, that it was “honest and substantial”.
On the other hand, the Chinese Ministry of Commerce spoke of a “constructive” exchange of views between Liu He and Janet Yellen on macroeconomics and global supply chains. And Beijing spoke of a “frank” discussion and added that it was also “pragmatic”.
China has expressed concern over additional tariffs recently imposed by the US on Chinese goods and sanctions imposed on Chinese companies. The two sides agreed to continue the dialogue.
“As the global economy faces serious challenges, it is of great importance to strengthen the communication and coordination of China and the US macroeconomic policies. Defending the stability of the global industrial and supply chain will benefit China, the US and the whole world.” , according to the announcement.
The conversation was initiated by Ms. Yellen, according to the Chinese Ministry of Commerce.
The US president is in the process of deciding whether to lift at least some of the tariffs on China, in part to reduce inflation, which he calls a priority.
However, there are differences of opinion on whether to lift or reduce tariffs on China within Mr. Biden’s administration.
For Ms. Yellen, some of the punitive tariffs the Democrat administration inherited from that of Donald Trump — the Republican had declared a trade war on Beijing — “make no strategic sense.”
US presidential national security adviser Jake Sullivan said late last month during the G7 that Mr Biden would hold talks with his Chinese counterpart Xi Jinping within weeks.
SOURCE: AMPE
Source: Capital
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