Page 2 - Janet Yellen

US will not accept Chinese imports decimating new industries, says Yellen

She did not, however, threaten new tariffs or other trade actions should Beijing continue its massive state support for electric vehicles, batteries, solar panels and other green energy goods

US-China deepening cooperation on financial stability issues: US officials

The exercises will help establish lines of communication between US and Chinese regulators and identify areas of potential cross-border contagion and other risks, the US officials said

Will China flood globe with EVs? Here's what's behind latest US-China fight

China's burgeoning production of electric cars and other green technologies has become a flashpoint in a new US-China trade fight, highlighted by Treasury Secretary Janet Yellen during her five-day visit to China and seized on by former President Donald Trump in incendiary remarks on the campaign trail. China has sharply ramped up its production of cheap electric vehicles, solar panels, and batteries just as the Biden administration has pushed through legislation supporting many of those same industries in the United States. Concerns are growing not just in the US but also in Europe and Mexico that China will seek to bolster its own struggling economy with a wave of exports that could undercut factories overseas. A US trade group, the Alliance for American Manufacturing, noted in a February report that leading Chinese automaker BYD had recently introduced an electric SUV at the astonishingly low price of USD 14,000. China's auto industry poses an existential threat to US carmakers,

Yellen meets China's central bank chief, presses case on excess capacity

Yellen will wrap up her trip to Guangzhou and Beijing with a news conference later on Monday

US-China relationship on more stable footing, but more can be done: Yellen

US Treasury Secretary Janet Yellen sent a message of mutual cooperation at a meeting on Sunday with Chinese Premier Li Qiang, highlighting the improvement in relations since her visit to China last year while recognising that major differences remain. After focusing on trade and economic issues for the first two days of her visit, Yellen turned to the broader US-China relationship in the meeting with Li, one of China's top leaders. While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing, she said in the ornate Fujian room of the Great Hall of the People on the west side of Tiananmen Square. Yellen, who is regarded favourably in China, is the first Cabinet member to visit since Presidents Joe Biden and Xi Jinping met in California in November in a carefully orchestrated meeting to set the troubled relationship between their countries on a better course. Li, in remarks before the media before their meeting, said the

US-China relationship on 'more stable footing' but more can be done: Yellen

US Treasury Secretary Janet Yellen met Sunday with Chinese Premier Li Qiang in Beijing and sent a message of mutual cooperation despite the nations' differences. Yellen came to China top of mind with trade practices that put American companies and workers at an unfair competitive disadvantage. In the ornate Fujian room of Great Hall of People building just west of Tiananmen Square, she told Li: While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing." This has not meant ignoring our differences or avoiding tough conversations," she said. "It has meant understanding that we can only make progress if we directly and openly communicate with one another. Li said media interest in Yellen's visit "shows the high expectation they have ... and also the expectation and hope to grow" the US-China relationship. The meeting comes after the US and China on Saturday agreed to hold intensive exchanges on more balanced economic

US, China to talk on economic growth including overcapacity issue: Yellen

The US and China agreed to hold talks that will address a key American complaint about China's economic model, Treasury Secretary Janet Yellen said on the second day of an official visit to China. The two sides will hold more talks and create two new economic groups dedicated to growth in domestic and global economies as well as anti-money laundering, according to a statement about the creation of the groups. Yellen, who started her five-day visit in one of China's major industrial and export hubs, has focused thus far on what the U.S. considers to be unfair Chinese trade practices in talks with senior Chinese officials. In her statement, Yellen said she and her counterparts agreed that the U.S. and China will hold intensive exchanges on balanced growth in the domestic and global economies. These exchanges will facilitate a discussion around macroeconomic imbalances, including their connection to overcapacity, and I intend to use this opportunity to advocate for a level playing fiel

Yellen in China: Beijing worried US planning more tariffs on green tech

As US Treasury Secretary Janet Yellen appeals to Chinese leaders to change their domestic manufacturing policies on the second day of an official visit, state media are receiving her message with skepticism, and anxiety about more US tariffs on green energy products. Yellen, who started her five-day visit in one of China's major industrial and export hubs, has focused thus far on what the U.S. considers to be unfair Chinese trade practices in talks with senior Chinese officials. The official Xinhua News Agency wrote Friday night that while Yellen's trip is a good sign that the world's two largest economies are maintaining communication, talking up Chinese overcapacity' in the clean energy sector also smacks of creating a pretext for rolling out more protectionist policies to shield U.S. companies. Chinese government subsidies and other policy support have encouraged solar panel and EV makers in China to invest in factories, building far more production capacity than the domestic ...

During China visit, Yellen calls for level playing field for US workers

US Treasury Secretary Janet Yellen called Friday for a level playing field for American companies and workers as she began a five-day visit to China in one of the country's major industrial and export hubs. Yellen told Wang Weizhong, the governor of Guangdong province, that it's important for the U.S. and China to have open and direct communication on areas of disagreement. "This includes the issue of China's industrial overcapacity, which the United States and other countries are concerned can cause global spillovers, she said. Yellen, the first Cabinet-level official to visit China since President Joe Biden met Chinese leader Xi Jinping last November, has telegraphed that she will raise what the U.S. considers to be unfair Chinese trade practices, a concern shared by many European countries. Before talks with the governor, she met with American, European and Japanese business representatives to hear their concerns, ahead of what will likely be tough talks on trade and other issue

China too big to export its way to rapid growth, says Janet Yellen

The International Monetary Fund currently forecasts China's 2024 real GDP growth at 4.6%, falling to 4.1% in 2025

Janet Yellen meets China's foreign business leaders ahead of trade talks

The Treasury is not expecting a major shift in Chinese policy as a result of meetings, but it was important to explain the problems that overinvestment in these sectors are causing around the world

Yellen heads to China to talk trade, anti-money laundering, overproduction

Treasury Secretary Janet Yellen is headed to a China determined to avoid open conflict with the United States, yet the world's two largest economies still appear to be hashing out the rules on how to compete against each other. There are tensions over Chinese government support for the manufacturing of electric vehicles and solar panels, just as the U.S. government ramps up its own aid for those tech sectors. There are differences in trade, ownership of TikTok, access to computer chips and national security all of them a risk to what has become a carefully managed relationship. The 77-year-old Yellen, a renowned economist and former Federal Reserve chair, laid out to reporters the issues that she intends to raise with her Chinese counterparts during her five-day visit. Yellen is headed to Guangzhou and Beijing for meetings with finance leaders and state officials. Her engagements will include Vice Premier He Lifeng, Chinese Central Bank Governor Pan Gongsheng, former Vice Premier Li

Janet Yellen to visit China again in 2024, to focus on 'difficult' topics

Yellen emphasized the importance of using her exchanges with China to gather information about the world's second-largest economy

Trump's China policies left US more vulnerable: Treasury secy Janet Yellen

Treasury Secretary Janet Yellen says former President Donald Trump's policies toward China left America more vulnerable and more isolated in the global economy, a rare jab by her at the front-runner for the Republican presidential nomination. Yellen, in prepared remarks to be delivered at a US-China Business Council event Thursday night, says the Trump administration failed to make investments at home in critical areas like infrastructure and advanced technology, while also neglecting relationships with our partners and allies that had been forged and strengthened over decades. Her comments come as the U.S. rebuilds its relationship with the Asian superpower, including a November meeting between US President Joe Biden and Chinese President Xi Jinping in San Francisco. The two nations agreed to curb the production of illicit fentanyl, a deadly component of drugs sold in the United States, and agreed to resume military-to-military communications. Yellen, who rarely comments on the ...

China's support for certain industries poses global 'risk', says Yellen

Yellen added that she discussed China's growth slowdown with APEC, who agreed that it presented 'downside risk to the economic outlook' particularly for APEC nations with strong trade ties to Beijing

Talks with Chinese finance chief laid groundwork for Biden-Xi meet: Yellen

US Treasury Secretary Janet Yellen said Friday that she and her Chinese counterpart agreed to work toward a healthy economic relationship, during two days of talks that she said helped lay the groundwork for a productive meeting next week between President Joe Biden and Chinese President Xi Jinping. Yellen said many disagreements remain between the two countries, but she and Chinese Vice Premier He Lifeng committed to working together on global challenges, from debt issues to climate change-related economic issues. And both countries, she said, welcome the objective of a healthy economic relationship that provides a level playing field for companies and workers in both countries and benefits the two peoples." She added that she plans to return to China next year after making her first trip there as treasury secretary in July. Biden and Xi will meet Wednesday on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco, the first engagement in a year between the

US, Chinese ministers open talks to lay groundwork for Biden-Xi meeting

Treasury Secretary Janet Yellen and her Chinese counterpart will meet in San Francisco on Thursday for two days of talks aimed at making progress on a slew of economic issues at a time when competition has markedly intensified between the two countries. Yellen's talks with Vice Premier He Lifeng are designed to help lay the groundwork for an expected meeting between President Joe Biden and Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco, which would be their first engagement in nearly a year. The White House is not expecting the face-to-face meeting to result in major changes to the relationship between the two nations, according to a person familiar with the planning, although it hopes to see some signs of progress. Analysts say expectations should be kept low, given the competitive nature of the countries' relationship. Nicholas Szechenyi, deputy director for Asia at the Center for Strategic and Internationa

US terms with China must consider human rights, national security: Yellen

Washington wants to build an economic relationship with Beijing that takes into account national security and human rights and is fair to both sides, Treasury Secretary Janet Yellen said on Thursday. In laying out the Biden administration's economic approach toward the Indo-Pacific region, the country's top financial official said Washington does not seek to decouple from China, the region's largest economy and the world's second largest next to the United States. But it wants to diversify by investing at home and boosting links with trusted countries in the region. We've put forward a vision of the world grounded in values we share with these allies and partners and in which there is also a healthy and stable economic relationship between the United States and China," Yellen said in a speech hosted by the Asia Society less than two weeks before leaders of the Asia-Pacific Economic Cooperation countries will gather in San Francisco for an annual meeting. President Joe Biden and ...

US importing from key partners like India, less dependent on China: Yellen

"US is committed to an Indo-Pacific that is free and open, connected, prosperous, secure, and resilient," she added

US planning crackdown on Russian G7 oil sanctions evasion, says Yellen

Yellen said the recent surge in bond yields has not created dysfunction in US financial markets