Biden Administration Treasury Secretary Janet Yellen landed in Beijing on Thursday on a four-day trip to ease heightened economic and political tensions between the U.S. and China, according to Bloomberg.
Yellen’s trip comes just days after China imposed new restrictions on exports to the U.S., ramping up escalations in a long-standing trade war, Bloomberg reported. Her visit marks another attempt to negotiate with China following a trip to Beijing by State Secretary Anthony Blinken in June, which critics found concessionary and disappointing.
Yellen has previously said that the U.S. and China are too intertwined to separate and that decoupling from their economy would be “disastrous.”
“We believe that the world is big enough for both of us. China and the United States can and needs to find a way to live together and share in global prosperity. We can acknowledge our differences, defend our own interests, and compete fairly,” Yellen said in April.
Former President Donald Trump said in 2020 that the United States needed to stop relying on China’s economy to bring manufacturing and overseas jobs back home. (RELATED: Biden’s Treasury Secretary Speaks About ‘Equity’ In Economic Decisions)
“We will make America into the manufacturing superpower of the world and will end our reliance on China once and for all. Whether it’s decoupling, or putting in massive tariffs like I’ve been doing already, we will end our reliance in China, because we can’t rely on China,” Trump said.
Biden’s Treasury Department hopes Yellen’s trip will help find economic compromise and open better lines of communication between the two countries, amidst an escalating trade war that saw China impose restrictions on exporting crucial chipmaking metal to the U.S. earlier this week, according to Bloomberg.
US Treasury Secretary Janet Yellen arrives in Beijing for meetings with Chinese leaders as part of efforts to revive strained relations between the world’s biggest economies https://t.co/1Owu1Kf6aq pic.twitter.com/zzkmBYLkLA
— Bloomberg (@business) July 6, 2023
“While in Beijing, Secretary Yellen will discuss with [People’s Republic of China] officials the importance for our countries — as the world’s two largest economies — to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges,” the Treasury Department said on Sunday.
“We seek a healthy economic relationship with China that fosters mutually beneficial growth and innovation and expands economic opportunity for American workers and businesses,” the Treasury Department said. “Finally, we also seek to cooperate on urgent global challenges like climate change and debt distress.”
Yellen’s arrival in Beijing on Thursday is another attempt by the U.S. to negotiate with China amid rising tensions. Her visit follows State Secretary Antony Blinken’s visit to Beijing last month, in which he made concessions to China on Taiwan’s standing on the global stage, as well as the reported spy balloons the CCP sent to the U.S. mainland.
“We do not support Taiwan independence,” Blinken said after his June meeting with Xi Jinping. “We remained opposed to any unilateral changes to the status quo by either side.”
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