Tag: Treasury Department

Janet Yellen’s Trip to China: No Breakthroughs But 10 Hours of Talks

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Treasury Secretary Janet L. Yellen came to China amid hopes that the United States could restart a relationship that has been deteriorating for years and had gotten off the rails recently over significant points of tension — including the war in Ukraine, a Chinese spy balloon that flew over U.S. territory and was shot down by the American military, and the two countries’ escalating exchange of restrictions on trade. After 10 hours of meetings over two days in Beijing, Ms. Yellen said at a news conference on Sunday that she…

A Former Insider on What’s Happening in China

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Desmond Shum was one of China’s most well-connected businessmen. He and his former wife, Duan Weihong, used their relationships with top government officials to build a multibillion-dollar property development company during a golden age for entrepreneurs starting in the mid-1990s. Now, tensions with the West dominate discussion, with Treasury Secretary Janet Yellen sharply criticizing China’s treatment of American companies on a trip to Beijing this week. Mr. Shum left China in 2015 as Xi Jinping, the country’s leader, asserted greater state control over the country and its businesses. Duan, also…

Yellen Faces a Diplomatic Test in Her High-Stakes Visit to China

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At her confirmation hearing in early 2021, Treasury Secretary Janet L. Yellen struck a tough tone on China, describing it as America’s most important strategic competitor and pledging to confront its “abusive, unfair and illegal practices” that she said were harming businesses and workers in the United States. Since then, Ms. Yellen has emerged as a voice of moderation in the Biden administration, embracing the mantle of economic pragmatism as the world economy copes with inflation and sluggish growth. The Treasury secretary has expressed objections to China’s record on human…

Yellen’s China Visit Aims to Ease Tensions Amid Deep Divisions

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The last time a U.S. Treasury secretary visited China, Washington and Beijing were locked in a trade war, the Trump administration was preparing to label China a currency manipulator, and fraying relations between the two countries were roiling global markets. Four years later, as Treasury Secretary Janet L. Yellen prepares to arrive in Beijing, many of the economic policy concerns that have been festering between the United States and China remain — or have even intensified — despite the Biden administration’s less antagonistic tone. The tariffs that President Donald J.…

White House Reportedly Weighs New A.I. Export Limits

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Will the U.S. tighten a cordon around A.I. chips? Shares in high-flying chipmakers like Nvidia and AMD were down in premarket trading today, after The Wall Street Journal reported that the Biden administration is weighing new restrictions on exporting artificial intelligence-related semiconductors to China. The deliberations underscore the White House’s worries about falling behind in the race to dominate A.I. and the potential for Beijing to use the technology in military applications — and they show that it is willing to tighten the screws on trade to stay ahead. Any…

Chinese Firm Sent Large Shipments of Gunpowder to Russian Munitions Factory

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Both state-owned and private Chinese companies have sold Russia products that could plausibly be used by either civilians or the military — including drones, semiconductors, hunting rifles, navigation equipment and airplane parts. China has remained officially unaligned in the war. Officials there argue Beijing is a neutral party and a peacemaker. In practice, however, China has become an important diplomatic, economic and security partner for Russia, after proclaiming a “no limits” partnership early last year. In a speech in April in Washington, Treasury Secretary Janet L. Yellen called that partnership…

Yellen to Call for ‘Constructive’ China Relationship

Chin@Strategy

WASHINGTON — Treasury Secretary Janet L. Yellen on Thursday will call for a “constructive” and “healthy” economic relationship between the United States and China, one in which the two nations work together to confront challenges like climate change, according to excerpts from prepared remarks. Ms. Yellen’s comments, which she will deliver at Johns Hopkins University’s School of Advanced International Studies, will strike a notably positive tone about the U.S.-China relationship following months of heightened tensions between the two nations, which have the world’s largest economies. Ms. Yellen is expected to…

China’s Economic Support for Russia Could Elicit More Sanctions

Chin@Strategy

WASHINGTON — President Biden and his top officials vowed this week to introduce additional sanctions aimed at impeding Russia’s war efforts against Ukraine. But the administration’s focus is increasingly shifting to the role that China has played in supplying Russia with goods that have both civilian and military uses. As one of the world’s biggest manufacturers of products like electronics, drones and vehicle parts, China has proved to be a particularly crucial economic partner for Russia. Beijing has remained officially unaligned in the war. Yet China, along with countries like…

At the DealBook Summit, Untangling the Now — and the Future

Chin@Strategy

This article is part of our special section on the DealBook Summit that included business and policy leaders from around the world. Last week at the DealBook Summit, I interviewed some of the world’s most influential leaders, among them Janet Yellen, the Treasury secretary of the United States; President Volodymyr Zelensky of Ukraine; Mark Zuckerberg, chief executive of Meta; and Andy Jassy, the chief executive of Amazon. One common theme came up in just about every conversation. It was that every decision — big and small — is ultimately a…

US Penalizes Chinese Companies for Aiding Iran’s Oil Exports

Chin@Strategy

WASHINGTON — The Biden administration announced on Thursday that it would impose sanctions on two Chinese companies that transport and store Iranian oil, a shift to a tougher stance on Tehran amid signs that efforts to restore the 2015 Iran nuclear deal have failed. In a statement, the State Department said the United States was targeting Zhonggu Storage and Transportation Co. Ltd., which it said operates a commercial crude oil storage facility for Iranian petroleum, and WS Shipping Co. Ltd., which it said manages a vessel that has transported Iranian…