Janet Yellen takes on China to defend US firms

TL;DR Breakdown

  • Janet Yellen, US Treasury Secretary, visited Beijing to mitigate national security disputes and improve economic ties with China.
  • Despite recognizing disputes, she stressed not allowing disagreements to harm the bilateral economic relationship.
  • Yellen voiced concerns about Beijing’s punitive measures on U.S. businesses and potential export controls on essential minerals.

Description

In an ever-evolving global theater, the economic relations between the United States and China have been turbulent, to say the least. Treasury Secretary Janet Yellen, with her diplomatic acumen, attempts to steady the seesaw, not letting national security disputes overshadow the economic prospects. Her recent trip to Beijing, intended to stabilize the strained relations between … Read more

In an ever-evolving global theater, the economic relations between the United States and China have been turbulent, to say the least. Treasury Secretary Janet Yellen, with her diplomatic acumen, attempts to steady the seesaw, not letting national security disputes overshadow the economic prospects.

Her recent trip to Beijing, intended to stabilize the strained relations between the two powers, marks an important development in this diplomatic saga.

Yellen’s hopeful diplomatic gesture

On her inaugural visit to China as the US Treasury Secretary, Yellen did not shy away from addressing the elephant in the room. She recognized the occasional disagreements, particularly concerning national security.

Yet, she maintained that such differences should not impair the bilateral economic and financial ties needlessly.

Yellen’s endeavor to initiate more regular channels of communication reflects her hope for a harmonious path forward. She argued that the U.S. and China, as world leaders, have a global responsibility to tackle the worldwide challenges hand in hand.

Following her diplomatic approach, Yellen, however, stood firm on voicing the concerns of the U.S. business community. In a discussion at the American Chamber of Commerce, she expressed concern about China’s punitive measures towards foreign companies and possible export controls on critical minerals.

She underlined the non-market tools like expanded subsidies for Chinese state-owned enterprises and domestic firms and the barriers to market access for foreign firms as areas of concern.

Yellen’s visit comes on the heels of Secretary of State Antony Blinken’s trip, marking an attempt by the Biden administration to strengthen ties and ensure that competition does not escalate into conflict.

However, certain incidents, such as a suspected Chinese spy balloon crossing North America, have posed challenges to this endeavor.

The semiconductor saga and diversified supply chains

One of the most pressing issues, at the core of the US-China tug of war, is the control over semiconductors. Beijing recently banned Chinese entities involved in critical infrastructure from purchasing semiconductors from Micron, an Idaho-based memory chipmaker, seen by Washington as a retaliatory move.

Following this, Beijing announced that Chinese groups would have to seek licences for the export of gallium and germanium, critical components in chip making. Yellen’s response underscored the need for “resilient and diversified supply chains,” noting that the U.S. is still assessing the implications of Beijing’s move.

Despite these significant developments, experts are not expecting a groundbreaking shift in bilateral relations following Yellen’s visit. The primary objective of her trip was to engage with Chinese officials who recently took over key economic portfolios. In the Chinese economic machinery, individuals and their bureaucracies hold considerable sway, and Yellen’s interactions could potentially set the tone for future negotiations.

While the state of relations between the two nations may not see an immediate overhaul, Yellen’s initiative could help alleviate misunderstandings and lay the groundwork for more constructive dialogues.

As the world keeps a close eye on this saga, Yellen’s strategic approach might just be the bridge that navigates through the storm to find the proverbial rainbow, as hinted by Chinese premier Li Qiang.

It’s a painstaking process, and much like diplomacy itself, it’s about taking one step at a time.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Janet Yellen takes on China to defend US firms

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月8日 21:24
Next 2023年7月8日 22:08

Related articles

  • Bitfinex Recovers $314K From 2016 Hack

    TL;DR Breakdown Bitfinex has recovered $314K and 6.9 Bitcoin Cash from the 2016 hack, representing a fraction of the $3.6 billion stolen. The exchange continues to work with law enforcement to retrieve additional funds and plans to distribute recovered assets to holders of Recovery Right Tokens. Description Bitfinex, a prominent cryptocurrency exchange, has made significant progress in recovering funds lost during a notorious 2016 hack. In collaboration with the United States Department of Homeland Security and other law enforcement agencies, the exchange has retrieved $312,219 in cash and 6.9 Bitcoin Cash, valuing approximately $1,951 today.  However, this recovery represents only a fraction … Read more Bitfinex, a prominent cryptocurrency exchange, has made significant progress in recovering funds lost during a notorious 2016 hack. In collaboration with the United States Department of Homeland Security and other law enforcement agencies, the exchange has retrieved $312,219 in cash and 6.9 Bitcoin Cash, valuing approximately $1,951 today.  However, this recovery represents only a fraction of the total losses suffered by Bitfinex’s clients, who were targeted in the hack and had approximately 120,900 BTC, currently…

    Article 2023年7月8日
  • EU got some tricks up its sleeve: Close look at the big moves

    Description The European Union, often viewed with a British lens focused on bickering and disputes, is much more than its momentary discord. While some may fixate on these internal disagreements, they’re simply missing the bigger picture: the EU is evolving, and it’s doing so rapidly. EU shifting tides post-Brexit The Brexit year, 2016, was mired with … Read more The European Union, often viewed with a British lens focused on bickering and disputes, is much more than its momentary discord. While some may fixate on these internal disagreements, they’re simply missing the bigger picture: the EU is evolving, and it’s doing so rapidly. EU shifting tides post-Brexit The Brexit year, 2016, was mired with ominous forecasts that the EU would disintegrate due to its overreaching presence in national matters. Pessimists argued that a Brexit would soon result in a Frexit, and the entire European edifice would crumble. This was nothing more than wishful thinking for those with a disdain for European unity. However, reality paints a different picture. Instead of fragmenting, the EU has taken significant strides forward in recent…

    Article 2023年8月18日
  • Elusiv launches private token swap tool on Solana blockchain

    TL;DR Breakdown Elusiv has launched a private token swap tool on Solana, enabling secure and anonymous trading. Unlike traditional crypto mixers, Elusiv uses cryptographic schemes for privacy, avoiding mixing user funds. Description Elusiv, a privacy protocol, has introduced a private token swap tool on Solana, marking a significant advancement in the field of decentralized asset trading. The tool, available through the Elusiv web app, enables users to trade their assets without revealing personal information about themselves, thereby enhancing privacy and security in the crypto space. This tool’s … Read more Elusiv, a privacy protocol, has introduced a private token swap tool on Solana, marking a significant advancement in the field of decentralized asset trading. The tool, available through the Elusiv web app, enables users to trade their assets without revealing personal information about themselves, thereby enhancing privacy and security in the crypto space. This tool’s fundamental infrastructure has been in development for more than a year and now permits transfers to a range of cryptocurrency wallets, including Solana (SOL), USD Coin (USDC), Tether (USDT), Bonk (BONK), and Samoyedcoin (SAMO). The…

    Article 2023年8月23日
  • Investors are hastily ditching stablecoins – Why?

    Description The cryptocurrency world is buzzing with talks of an intriguing trend: the rapidly waning appeal of stablecoins. Not too long ago, stablecoins were the go-to for investors. Yet, here we are, witnessing a surprising mass exodus from these once cherished assets. Let’s cut through the fluff and dive into the crux of the matter. From … Read more The cryptocurrency world is buzzing with talks of an intriguing trend: the rapidly waning appeal of stablecoins. Not too long ago, stablecoins were the go-to for investors. Yet, here we are, witnessing a surprising mass exodus from these once cherished assets. Let’s cut through the fluff and dive into the crux of the matter. From Hot Property to Not-so-hot Commodity Stablecoins, for the uninitiated, are those nifty little cryptocurrencies designed for price stability. They often anchor their value to fiat currencies or other assets, ensuring fewer wild swings and heart-stopping roller-coaster rides. But guess what? The past 18 months have seen a consistent decline in the market share of these “stable” entities. The dominion they once held has tumbled down to…

    Article 2023年9月23日
  • Bitcoin ATM giant forced to cease operations after statewide scam

    TL;DR Breakdown Bitcoin of America has faced regulatory action in Connecticut, leading to the suspension of its operations within the state.  The order was enforced following reports of four Connecticut consumers falling victim to a scam involving the mentioned kiosks. As part of the resolution, Bitcoin of America agreed to provide restitution to the affected consumers, totaling $86,000. Bitcoin of America, a prominent cryptocurrency ATM provider, has faced regulatory action in Connecticut, leading to the suspension of its operations within the state. The Connecticut Department of Banking emphasized that Bitcoin of America failed to acquire the necessary license to operate Bitcoin ATM kiosks, which ultimately led to the consent order. The order was enforced following reports of four Connecticut consumers falling victim to a scam involving the mentioned kiosks, resulting in significant financial losses amounting to tens of thousands of dollars. As part of the resolution, Bitcoin of America agreed to provide restitution to the affected consumers, totaling $86,000. Additionally, the company is winding down its operations in Connecticut following a criminal indictment. Jorge Perez, the banking commissioner, issued a…

    Article 2023年5月25日
TOP