During a speech at the U.S.-China Business Council’s 50th-anniversary dinner in Washington, Treasury Secretary Janet Yellen defended the Biden administration’s approach to China and articulated efforts to ease tensions between the two nations. Yellen emphasized the continued prioritization of national security for the United States, addressing the business group known for fostering trade relations between the two countries.
While expressing the desire for a mutually beneficial economic relationship with China, Yellen underscored the administration’s commitment to utilizing “economic tools” to safeguard U.S. national security interests and address human rights concerns in China. She asserted that this commitment is non-negotiable, emphasizing the importance of protecting vital interests on both fronts.
President Joe Biden has maintained tariffs on Chinese goods imposed by the preceding Trump administration, signaling a continuity in the approach to trade relations. Additionally, export controls have been expanded under Biden’s leadership to restrict China’s access to crucial U.S. technologies, a move initiated in the previous year.
Yellen commenced her address by outlining the Biden administration’s overarching initiatives aimed at fortifying the U.S. economy and enhancing national security. Central to this strategy is a dual focus on domestic investment and the revitalization of international alliances.
“The Biden administration’s strategy towards China begins with investing at home and rebuilding alliances abroad,” Yellen stated, emphasizing the importance of both domestic strength and global partnerships. This dual-pronged approach seeks to create a foundation for sustainable economic growth and reinforce collaborative efforts with international allies.
Yellen argued that historically, American workers and businesses have faced challenges competing with their counterparts in China due to what she described as an uneven playing field. She pointed to China’s use of unfair economic practices, including the deployment of non-market tools, barriers hindering access for foreign companies, and coercive measures against American firms.
Addressing these disparities, Yellen conveyed the administration’s commitment to rectifying imbalances and fostering fair competition. The emphasis on addressing economic practices that disadvantage American entities aligns with the broader goal of creating a more level playing field for U.S. businesses and workers.
The Treasury Secretary’s remarks reflect a nuanced approach, recognizing the need for collaboration with China while asserting the importance of protecting national interests. Yellen’s commitment to employing economic tools underscores the administration’s resolve to navigate the complexities of the U.S.-China relationship, balancing economic cooperation with the imperative to safeguard national security and uphold human rights principles.
In conclusion, Janet Yellen’s speech at the U.S.-China Business Council’s anniversary dinner provides insights into the Biden administration’s approach to managing relations with China. The commitment to a multifaceted strategy, encompassing domestic investment and international alliances, highlights a comprehensive approach to addressing economic challenges and reinforcing national security. Yellen’s emphasis on fair competition and the use of economic tools underscores the administration’s commitment to creating a more equitable global economic landscape while navigating the complexities of the U.S.-China relationship.