- Following her four-day visit to Beijing, US Treasury Secretary Janet Yellen adopted a positive yet practical approach as she sought to alleviate concerns that the US would hinder its primary economic competitor. Yellen's statements were made during a press conference, marking the end of her mission to restore engagement between the two largest economies.
- The ongoing trade tensions between Washington and Beijing have escalated into a retaliatory trade war, resulting in both sides imposing restrictions on critical exports for advanced technologies. Yellen emphasized the advantages of trade with China and reassured skeptical Chinese officials that diversifying supply chains in specific areas does not imply complete decoupling. She expressed confidence that her message had been well-received.
Why it matters
Yellen's visit to China included ten hours of productive talks, bringing the US-China ties closer. She met with Vice Premier He Lifeng extensively, marking the first exchange since China's new economic team took office. Yellen also had a shorter meeting with Premier Li Qiang to discuss the broader US-China relationship. Additionally, she met with Finance Minister Liu Kun to exchange views on the economic situation and global challenges. The visit was successful, providing the US side with insights into China's economic thinking.