Treasury Secretary Janet Yellen is heading to a China that is 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.
FILE - Treasury Secretary Janet Yellen, right, greets Chinese Vice Premier He Lifeng, Nov. 9, 2023, in San Francisco. Yellen is headed to China 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 Liu He, leaders of American businesses operating in China, university students and local leaders.
Yellen, speaking to reporters Wednesday during a refueling stop in Alaska en route to Asia, said her visit would be a “continuation of the dialogue that we have been engaged and deepening” ever since U.S. President Joe Biden and Chinese President Xi Jinping met in 2022 in Indonesia. She noted that it would be her third meeting with China’s vice premier.
Still, it appears to be difficult for the two countries to strike a balance between competition and antagonism. “For the time being, a ‘managed rivalry’ might be the best we can hope for, given the potentially catastrophic consequences of the relationship really going off the rails,” he said. “In contrast, a U.S. tariff on EV imports could raise the price of EVs in the U.S. and is therefore counterproductive for the purpose of inducing a green transition.”
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