Yellen ends China trip with no breakthrough

Date:

Treasury Secretary Janet Yellen wrapped up four-day trip to Beijing without much to show for it, acknowledging an unsure future for relations between the U.S. and China.

After a series of economic meetings, it was at least agreed that more communication would take place.

“There is much more work to do,” Ms. Yellen said at a Monday news conference. “And it remains unclear what this relationship will endure in the months and years ahead.”

Yellen told reporters that the U.S. will not allow China to disrupt new industries with imports, citing the early 2000s when close to 2 million American jobs were lost, Reuters reported. At the same time, she did not issue any threats or warnings about possible tariffs as a response to China’s push in the green energy sector.

YELLEN SAYS ‘TOUGH CONVERSATIONS’ NEEDED ON CHINA’S OVERPRODUCTION

“We’ve seen this story before,” Yellen said, according to Reuters. “Over a decade ago, massive PRC government support led to below-cost Chinese steel that flooded the global market and decimated industries across the world and in the United States.”

During her trip, Yellen met with Chinese Premier Li Qiang, the number two official in the Chinese Communist Party (CCP) behind General Secretary Xi Jinping, for 80 minutes on Sunday, and Li said the U.S. and China should be partners rather than adversaries and touted the “constructive progress” made during her trip. Yellen’s trip to China is her second in the last nine months.

“While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing,” Yellen said. “This has not meant ignoring our differences or avoiding tough conversations. It has meant understanding that we can only make progress if we directly and openly communicate with one another.”

YELLEN VISITING CHINA TO COMBAT CLIMATE CHANGE, PROTECT INTERESTS OF AMERICAN WORKERS

Janet Yellen Li Qiang

Janet Yellen China Summit

Qiang was quoted by state news agency Xinhua saying the U.S. should “refrain from turning economic and trade issues into political or security issues” and view the topic of production capacity from a “market-oriented and global perspective.”

 

A lot of discussion focused on Chinese electric vehicle companies, which rely on continuous technological innovation, perfect production and supply chain systems and full market competition, Chinese Commerce Minister Wang Wentao said. 

FOX Business’ Eric Revell and Reuters contributed to this report. 

Read the full article here

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