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Yellen Flags ‘Unfair’ Practices in Call With China’s Liu He

China’s Commerce ministry said Liu He had a “constructive” exchange over macro economies and global supply chains

U.S. Treasury Secretary Janet Yellen
FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies before a Senate Finance Commmittee hearing on President Biden's 2023 budget, on Capitol Hill in Washington, U.S., June 7, 2022. REUTERS/Evelyn Hockstein


US Treasury Secretary Janet Yellen flagged Washington’s concerns about Beijing’s “unfair, non-market” economic practices in a call with Chinese Vice Premier Liu He.

Secretary of the Treasury Janet L Yellen today held a virtual meeting with Vice Premier of the People’s Republic of China (PRC) Liu He as part of the administration’s ongoing efforts to maintain open lines of communication,” the Treasury Department said in a statement, adding the dialogue was “candid and substantive.”

China’s Commerce ministry, meanwhile, said Liu He had a “constructive” exchange over macro economies and global supply chains with Yellen on Tuesday.

The two sides had a “pragmatic and frank” exchange of views on topics including the macroeconomic situation and the stability of the global industrial and supply chains, a statement from the ministry said.


China Voices Concern on Tariffs, Sanctions

China also expressed concerns over the additional tariffs the United States imposed on Chinese goods and sanctions on Chinese firms, and both sides agreed to maintain dialogue, the ministry said.

“As the global economy faces grim challenges, there is a great significance to strengthen the communication and coordination of the macro policies between China and the United States. Safeguarding the stability of global industrial chains and supply chains will serve the benefits of China, the US and the whole world,” the statement said.

The invitation for the call came from the US Treasury Secretary, according to the ministry.

US President Joe Biden is in the process of making up his mind on easing US tariffs on China, in part to ease inflation which he has said is a top priority.

There has been a divergence on easing the tariffs within the Biden administration, and Yellen had said some tariffs on China inherited from the administration of former President Donald Trump made “no strategic sense”.

US national security adviser Jake Sullivan said on June 27 at the G7 summit in southern Germany that Biden and Chinese President Xi Jinping are expected to speak in the next few weeks.


  • Reuters with additional editing by Sean O’Meara





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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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