U.S. Treasury Secretary Janet Yellen said China has failed to address unfair trade practices that have caused the U.S. to impose tariffs, and that they have a good chance of controlling investments from their country to China.
US Treasury Secretary Janet Yellen said the Beijing administration failed to address the unfair trade practices that triggered the US to raise tariffs on China.
Yellen, as the four-year review of these taxes continues, “I’m actually emphasizing that the underlying concerns have not been addressed. Any move to block US investment in China will be narrowly based on national security considerations only. “We have a good chance of continuing to control investments going to China,” he said.
Yellen, in an interview after her meetings with her colleagues from the G-20 countries, said that among her goals is to develop the foundations laid during her last visit to China.
Treasury Secretary Janet Yellen said China had failed to address the unfair trade practices that triggered tariff hikes by the United States on the country. Yellen, on the other hand, is seeking progress on debt relief for poorer countries and reforms for multi-pronged development banks.
The US Secretary of the Treasury held a number of bilateral meetings, including meetings with colleagues from the G-20 and G-7 countries, as well as counterparts from India, Turkey and the European Union.
Evaluating the weaker-than-expected economic data from China, Yellen said that slow growth in China may have negative effects and that the growth of some countries, including Asia, in their own economies depends on China’s strong growth.
“I don’t expect a recession in the USA”
Pointing out that the slow growth in China may have some negative effects on the US economy as well, Yellen said, “Growth has slowed down, but our labor market remains quite strong. I do not expect a recession. The latest inflation data are very encouraging that we are making progress in reducing inflation.”
Yellen stated that it is normal for the growth to slow down in general after the rapid recovery, and that this also reduces the willingness of companies to hire.