U.S. Treasury Secretary Yellen Will Speak On U.S.-China Economic Relations Amid Strained Ties

U.S. Treasury Secretary Janet Yellen will talk about U.S.-China economic relations in a speech at Johns Hopkins University’s School of Advanced International Studies in Washington, D.C. at 10:15 a.m. on Thursday, the department in a statement on Tuesday.

Yellen will speak at a time when overall U.S.-China ties have been badly strained by Beijing’s close relationship with Russia, its suspected sending of a spy balloon over militarily sensitive parts of the U.S. this year, differences over Taiwan, and worries about data security for users of China’s popular TikTok platform, among other issues.

Unfavorable views of China held by Americans have worsened in the past year, according to a poll released this month by the Pew Research Center. Some 83% of U.S. adults have negative views of China, up from 82% a year ago, Pew said.

About two-thirds – 65% — of Americans say they are either “not too confident” or “not at all confident” in U.S. President Joe Biden’s ability to deal effectively with China, Pew also reported in a survey published this month. Some 37% expressed no confidence at all; 28% said they were not too confident.

Against that backdrop, 76-year-old Yellen, now in her third year as treasury secretary under Biden, “will underscore that in its bilateral relationship with China, the United States proceeds with confidence about the enduring fundamental strength of our economy and the historic investments made by the Biden Administration over the past two years in domestic manufacturing, stronger supply chains, and America’s leadership in cutting-edge fields,” the Treasury Department stated.

Yellen will also “detail the Administration’s principal objectives in our economic relationship with China. First, securing our national security interests and protecting human rights, including taking targeted actions to advance our vital interests where needed. Second, seeking healthy, and mutually beneficial, economic competition with a level playing field for American workers and businesses, including by working with our allies to press China on its unfair economic practices. Finally, cooperating where we can as the world’s two largest economies on global issues – from enhancing communication on the global macroeconomy to fighting climate change and addressing debt distress in low-income and middle-income countries.”

Despite the current strains between the two sides, China remains an important U.S. trading partner and investment destination. Apple supply chains run deep into the country, and a wide swath of U.S. companies including Starbucks, Tesla and Ford remain active there.

Ford just this week said it plans to import the next-generation Lincoln Nautilus from China to the U.S., according to reports. The vehicle is currently made for the U.S. at a Canadian plant, CNBC said.

Yellen in January met with then Chinese Vice Premier Liu He in Switzerland to discuss economics, trade and technological policy, Xinhua News Agency reported.

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@rflannerychina