Skip to main content

Yellen returns from Beijing, says US, China want to ‘stabilize’ relations

Treasury Secretary Janet Yellen recently visited China and said she believes that the U.S. and Beijing are ready to work together and "stabilize" their economic relationship.

Treasury Secretary Janet Yellen believes the U.S. and China are ready to work together and stabilize economic ties through "candor" and "respect."

US WEIGHS NEW RESTRICTIONS ON AI CHIP EXPORTS TO CHINA: REPORT

Yellen told American Public Media's Marketplace before leaving Beijing on Sunday that her visit was a success, saying both sides discussed "significant disagreements."

"There are challenges, but I believe there is a desire on both sides to stabilize the relationship and to constructively address problems that each of us see in our relationship, to do so frankly, with candor, with respect, and to build a productive relationship going forward," she said.

Yellen also said export controls made by the U.S. on China were motivated by national security concerns and to diversify supply chains, not to gain unfair economic advantage. 

SAFETY ADMINISTRATION WANTS ANSWERS FROM TESLA ON AUTOPILOT PROBE

"I spent many hours with my counterpart going through in detail our concerns and addressing them and making clear that they have an open channel of communication," Yellen said.

Both sides, she said, agreed to "maintain open channels of communication and deepen our discussion of concerns that one another have."

YELLEN VOWS US WILL PROTECT ITS OWN 'NATIONAL SECURITY' AFTER CHINA'S ESPIONAGE LAW THREATENS AMERICAN FIRMS

Yellen also noted that the U.S. and China would have roughly $700 billion in trade this year, while calling America’s bilateral relationship with China one of the most important economic and financial relationships the U.S. has in the world.

Yellen's trip followed Secretary of State Antony Blinken’s visit in June, which was the first visit by a top diplomat during the Biden presidency. Climate envoy John Kerry is expected to visit China this month.

Reuters contributed to this report.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.